Small business can expect elimination of the 2% small business income tax if the BC Liberals form the next government, leader Andrew Wilkinson said Oct. 8.
That comes on top of an already announced year-long provincial sales tax (PST) holiday.
“Small businesses are suffering and many are closing their doors," Wilkinson said in reference to the COVID-19 pandemic’s effects. “This will have a real impact on the bottom line of businesses so they can reinvest and hire more people.”
Wilkinson again attacked NDP leader John Horgan for sitting on $1.5 billion of relief funds – funds he said were rolled out in the relief package announced days before the election was called.
Small businesses make up 98% of all businesses in B.C. and employ over one million people, a Liberal backgrounder said.
The tax historically generates about $220 million in government revenue annually, Wilkinson said.
Further, Wilkinson pledged, the Liberals will provide a loan guarantee program for B.C.’s 19,000+ tourism and hospitality businesses.
“A loan guarantee program for tourism and hospitality, plus elimination of the small business tax, will keep more people working and help get our communities thriving again,” Wilkinson said.
He said in many cases businesses will need help to survive through the winter.