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

VICTORIA – British Columbia’s finance minister says the government will study recommendations that the province chop taxes to businesses by about $1.1 billion a year in an effort to spur lagging investment.The expert panel’s report released Wednesday 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, titled Improving B.C.’s Tax Competitiveness, also recommends exempting the PST on electricity costs and other energy, and suggested the province implement a made-in-B.C., value-added tax.The value-added tax would address problems with the PST, including investment disincentives and an increase in business costs, the report says.

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