The Tri-Cities Chamber of Commerce is weighing in on the provincial government's new budget, saying the plan does not do enough to help the business sector.
In a press release emailed Wednesday, the chamber lauded Victoria's investments to improve affordability but the government has harmed the province's competitiveness for the business sector "that is being left to foot a large part of the bill."
"BC Budget 2020 continues the government's focus on affordability," said chamber CEO Michael Hind, "but lacks a sorely needed 'competitive business strategy' for the province."
Since the NDP's first budget, the chamber noted that corporate taxes have increased from 11% to 12%, the carbon tax increased $5 per tonne per year and will be $50 per tonne by 2021, and the Employer's Health Tax will cost business $1.9 billion this year.
The increases in taxes comes at a time when many businesses are struggling with higher property tax burdens at the municipal level, the chamber said.
Still, there were some positives in the budget from the business community's perspective.
The chamber said the enhanced BC Child Opportunity Benefit will help ease the financial burden on families while a $419-million investment in clean-energy retrofits.
"The 2020 budget remains balanced with forecasted revenues continuing to grow at a steady pace, though largely funded by tax increases to business," the chamber said in its statement. "Provincial economic calculations have baked in a good amount of fiscal prudence to give the budget a cushion in case of a slowdown in the economy."
