At a time when B.C.’s coastal forest industry is struggling to sustain itself through unprecedented economic hardship, the introduction of the Liberal Government’s harmonized sales tax comes as good news.
For years Coast Forest has been pushing for the introduction of a value-added tax like the HST. Why? Because “approximately 40% of the PST revenue collected by Victoria is paid by businesses on a wide variety of inputs used in producing goods and services,” according to the Business Council of BC. “Under the proposed HST, the provincial sales tax now paid on inputs is effectively eliminated, as the 7% provincial portion will be credited along with the 5% GST for all goods and services purchased for business operations.” Read more