Business
The provincial government has announced it is delaying the introduction of various tax increases to help businesses and families through the COVID-19 pandemic and recovery.
Province delaying tax increases
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The Richmond Chamber of Commerce is pleased to see changes to the provincial sales and BC carbon taxes will be delayed.
“We fully support the delayed implementation of these various tax increases, and hope that even further analysis and reflection will be considered,” said chamber president and CEO Matt Pitcairn. “Businesses of all sizes and sectors need as much support as they can get right now, and it is absolutely not the time to be putting a larger tax burden on these struggling businesses."
The province says it is delaying implementing the changes until April 2021, to help businesses and families through the COVID-19 pandemic and recovery.
A scheduled increase in April 2020 from $40 to $45 per tonne of carbon dioxide equivalent had been postponed until at least October as part of the COVID-19 Action Plan. Upon review, the government decided the carbon tax rate will remain at its current level until next April. The carbon tax is scheduled to again increase to $50 per tonne of carbon dioxide equivalent in April 2022.
Also being delayed until April 2021 is the planned elimination of the PST exemption for carbonated beverages containing sugar or natural sweeteners, and the addition of new PST registration and collection requirements for e-commerce businesses located outside BC.
To further support businesses, the employer health tax 2020 quarterly installment dates are being extended to Dec. 31 (from June 15), Jan. 31, 2021 (from Sept. 15) and Feb. 28, 2021 (from Dec. 15). The province said this will give businesses more access to cashflow during recovery and more time to determine their annual payroll and estimate the amount of tax they will owe. The 2020 filing and balance due will remain March 31, 2021.
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