HST, THE RIGHT MOVE AT THE RIGHT TIME
The Harmonized Sales Tax will improve British Columbia’s economy, build productivity and competitiveness and provide the foundation for more jobs, Finance Minister Colin Hansen announced today.
“A strong economy is necessary to create the jobs we need to provide revenue for essential public services like health and education. The vast majority of businesses can recover the HST they pay and remove the hidden taxes that get passed on to and paid by consumers. These savings will keep prices competitive, spur investment, create new jobs and boost our province’s economy” said Hansen.
One of the sectors in British Columbia that will benefit immediately is the agriculture industry. The BC Agriculture Council predicts there will be an estimated benefit of $15-$20 million on reducing farm input costs. The agri-food industry is an important contributor to the provincial economy with more than 225 food commodities produced in B.C., totalling over $22 billion annually in consumer sales and supporting over 305,000 jobs.
“Harmonization will have a significant and positive impact on agriculture overall, and is consistent with what our members have been calling for,” said Garnet Etsell, chair of the BC Agriculture Council. “The HST will put B.C. farmers on a more level playing field with farmers in Alberta and in other provinces that currently enjoy the advantages of a harmonized sales tax.”
Sales tax harmonization alone is expected to result in an $11.5-billion increase in capital investment and a net increase of 113,000 jobs by the end of the coming decade.
“I’m confident the HST, combined with the most competitive corporate taxes in North America, will generate long-term economic growth for British Columbians,” said Hansen. “The HST will significantly lower the tax on new investment, helping to create jobs and new opportunities in every region of the province.”
B.C. businesses will save about $2 billion in costs through the HST. In addition to the Agriculture industry, the construction industry will realize $880 million in tax savings, $140 million for manufacturing, $210 million for the transportation industry, $140 million for the forestry sector, and $80 million for mining, oil and gas. Businesses will save time and an additional $150 million annually in administration costs by collecting and remitting only one tax.
For about 80 per cent of consumer spending in B.C., there will be no change in tax with harmonization because many goods are either not taxable under HST or they are already subject to the PST. See the What’s Taxable and What’s Not list on the Province’s HST website for more information hst.blog.gov.bc.ca/2010/05/14/hst-whats-taxable-and-whats-not/.
For more information on the B.C. HST, visit www.gov.bc.ca/hst.
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