The BC Chamber of Commerce (BCCC) on August 25 released to the public a set of 54 ideas for how the B.C. government can kick-start the province's economy.
Dubbed its Economic Recovery Submission, the thick document filled with policy proposals was given to the provincial government on July 21 and is only now being released to the public.
“We’ve been tracking the economic impact of COVID-19 on B.C. businesses since early March," said Dan Baxter, director of policy development and government & stakeholder relations at the BCCC.
"Our recommendations are based on what we’ve heard at the community level – from our network of 36,000 businesses of all sizes and from all sectors across B.C.”
Some of the suggestions include:
• reforming the province's sales tax system that includes the 7% Provincial Sales Tax (PST), and implmenting a value-added tax;
• minimizing negative effects of the Employers' Health Tax;
• implementing municipal property tax reform to eradicate the highest-and-best-use designation for property tax;
• expanding CleanBC benefits for small and medium-sized enterprises so the ventures can adopt lower-carbon technologies faster to boost productivity;
• investing in rural and remote communities to build broadband infrastructure, and creating funding models that allow rural residents to redirect their investments into local economies;
• providing businesses with grants and incentives at a time when cash reserves are low; and
• removing the PST on machinery and equipment.
To read the full set of recommendations, click here.
