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A competitive and streamlined tax structure benefits British Columbians by making it easier to do business, encouraging business growth and investment, and promoting British Columbia as the most small-business-friendly jurisdiction in Canada. In turn, the economic benefits of a streamlined tax structure support the province's Great Goal to lead Canada in job creation.
To this end, the Ministry of Small Business and Revenue, with the support of the Ministry of Finance, completed a review of provincial sales tax (PST) policies and legislation. The review sought to develop options to simplify, streamline and enhance the fairness of the sales tax.
PST Review Phase 1
Between November 2005 and May 2006, the Minister of Small Business and Revenue invited small business, industry and individuals to attend one of 20 PST Review consultation meetings in regions across British Columbia or to send written submissions by mail, email or facsimile.
Statutory and policy changes in Budget 2007 that flow from the PST Review Phase 1 are described at the following link. These changes total $40 million annually in savings for businesses across British Columbia.
PST Review Phase 2
Over 2007/2008, the Ministry of Small Business and Revenue conducted further reviews, focusing on specific issues that arose during the 2007 consultation process. Changes in Budget 2008 that flow from the PST Review Phase 2 are described here. The changes streamline, simplify and clarify the tax for businesses across British Columbia.
For more information on the PST Review Phase 2 changes, and for information on changes to other taxation legislation, please see Budget Bulletin 2008, Changes to Legislation Administered by the Ministry of Small Business and Revenue. This information is on our website at: www.sbr.gov.bc.ca/msbr/budget/budget.htm
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