Tax reform needed, says local chamber

BC Chamber of Commerce position is businesses should receive a tax credit equal to the amount of PST they pay for equipment, machinery

  • Sat Feb 20th, 2016 6:00am
  • News

The Terrace and District Chamber of Commerce said it will continue lobbying the government for taxation and other changes related to the provincial sales tax, falling in line with the BC Chamber of Commerce position that businesses should receive a tax credit equal to the amount of PST they pay on the acquisition of machinery and other equipment.

Since the reverse of HST and roll back of PST, BC’s business community has been put into an uncompetitive position especially when it comes to capital investment,” said chamber president Val Gauvin in a statement.

She said businesses also face increases in employment insurance and WorkSafeBC premiums and municipal property taxes, all of which affect a company’s revenue.

A separate issue facing businesses is an aging labour force, meaning businesses will have to adapt and invest in new technologies as retirements take hold and the labour pool shrinks, Gauvin added.