By The Canadian Press

B.C. commission calls for tax reforms, exemptions worth $1.1B to spur investment

Nov 23, 2016 | 12:28 PM

VICTORIA — A panel of experts is recommending the British Columbia government chop taxes to provincial businesses by about $1.1 billion a year in an effort to spur lagging investment.

The Improving B.C.’s Tax Competitiveness report makes four recommendations including exempting businesses from the seven-per-cent provincial sales tax on capital expenses for items like machinery and equipment.

The report also recommends exempting the PST on electricity costs and other energy, and suggests the province implement a made-in-B.C., value-added tax.

It says the value-added tax would address problems with the PST, including investment disincentives and an increase in business costs.

Commission spokesman Bev Dahlby says the reforms are required to improve business investment in B.C., which is currently behind most other provinces.

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Dahlby says the report did not examine B.C.’s carbon tax or a return to the harmonized sales tax, which British Columbians turned down in a referendum more than five years ago.