B.C.’s Corporation Capital
Tax is causing the loss of
“many B.C. jobs” to Alberta,
Washington and the Yukon,

and should be _ repealed
immediately, says the North

Vancouver Chamber of
Commerce.
The tax, estimated to

produce a total revenue of
-about $42 million a year, ts
levied on a company’s paid-
up Capital assets in excess of
$1 million.

In a submission to Finance
Minister Evan Wolfe the
North Van Chamber claims
the tax is unfair because it
ignores “ability to pay”.

The cliamber’s brief cites
the example of a new
company not yet in

production, but promising
additional jobs for B.C.
residents, which has

borrowed funds to purchase
necessary equipment and, as
a result, has a _ paid-up
capital of $1,251,000.

Such a company would
have to pay Corporation

Capital tax of $6,255 before
it earned a cent.

By contrast, an already
profitable ‘producing
company paying regular
dividends and depreciating
its assets could have reduced
its paid-up capital to less
than $1 = million = and,
therefore, be exempt from
the tax.

In other cases, the brief
points out, companies
subject to the tax will pass it
on to their customers in the
form of increased prices for
goods and services.

The chamber also charges
that the tax is highly inef-
ficient when the total cost of
collecting it is calculated.
This cost, says the chamber,
must include an estimated
$7.5 million expense to the
approximately 15,000
corporations affected in
filing the tax returns ~—
together with the fact that
such expense is deductible
from corporate income tax.

Meeting to bare
WV schools budget

West Vancouver schools
budget will be the main item
on the agenda tomorrow
(Monday. Feb. 11) at the
regular meeting of the West
Van School Board.

The meeting takes place in
Hollyburn Elementary

School, 1329 Duchess
Avenue, starting at 7:00
p.m.

In view of the importance
of the subject for West Van
taxpayers, the Board has
issued a special! invitation to
the public to participate.

Inte

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All in all, the chamber
claims, the cost to the
province and its taxpayers is
about $11.6 million -- or
nearly 28 per cent of the
revenue collected.

In urging the finance
minister to terminate the tax
immediately, the chamber's
submission recommends that
any compensating form of
taxation “should be based on
ability to pay and... not put
B.C. at a competitive
disadvantage when it comes
to attracting or maintaining
business in the province.

A1S-Sunday News, February 10, 1980

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