VANCOUVER (October 8, 2020) – A BC Liberal government will immediately eliminate the two per cent small business income tax in a move to give more help to businesses, workers, and families at a time when it is needed most.
John Horgan called an unnecessary election while sitting on $1.5 billion of relief funds that small businesses desperately need and should have been given months ago – and still nothing from the NDP.
“Small businesses represent the best of British Columbia and are the backbone of our economy. They need our support now more than ever, which is why a BC Liberal government will immediately eliminate the small business tax,” said BC Liberal Andrew Wilkinson. “John Horgan and the NDP have literally done nothing to help small businesses recover — a BC Liberal government will help get our small businesses back on track.”
Small businesses make up 98 per cent of all businesses in B.C. and employ over one million people. The small businesses tax cut will help keep small businesses alive and create jobs throughout the province.
The BC Liberals have also committed to deliver emergency financing for some businesses hardest hit by the pandemic, through a loan guarantee program for the province’s more than 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,” concluded Wilkinson. “These announcements build on our recent commitment to eliminate the PST, which together, will be a huge boost to families, small businesses, the hospitality industry, and our economy at large.”
BC Liberal Party
Restoring confidence for small businesses
A BC Liberal Government will:
- Immediately eliminate the 2% Small Business Income Tax.
- Assist small businesses in adopting COVID-19 protections by providing support for personal protective equipment (PPE) from WorkSafeBC surpluses.
- Take real action to address sky-high property tax assessments on the airspace above small businesses by implementing split assessments.
- Appoint a non-partisan panel to help dramatically reduce the red tape burden on small business, by reviewing regulatory requirements and costs, and providing recommendations on the best steps to fuel economic recovery.
- Deliver emergency financing for B.C. businesses hardest hit by the pandemic, through a loan guarantee program for the province’s more than 19,000 tourism and hospitality businesses.