What happened: The Greater Vancouver Board of Trade released an economic recovery plan for British Columbia, which it has shared with the province.
Why it matters: The plan includes a number of recommendations to support businesses and the broader economy through the COVID-19 pandemic.
B.C. businesses say payroll and wage support, along with reductions in taxes and fees, will be the most important components of the province's $1.5 billion recovery plan, according to the Greater Vancouver Board of Trade (GVBOT).
The board today released its recommendations for that plan, including longer tax deferrals for businesses impacted by COVID-19, and an employee payroll tax holiday.
“Bold vision is required to help businesses not only survive but to emerge more resilient and competitive. With the right actions, I am confident that we will not only overcome these economic challenges but also make necessary progress on broader societal issues,” said Bridgitte Anderson, president and CEO of the GVBOT, in a news release.
“To realize a full and resilient recovery, the government must act now with immediate measures that get people to work and lay the foundation for a strong economic future.”
The board's plan follows a similar release from the BC Chamber of Commerce, which offered 54 policy recommendations to the provincial government as it shapes its economic recovery plan.
The GVBOT suggests B.C. prioritize support measures across three areas: helping businesses survive, transforming the Greater Vancouver region and investing in the future.
Specific policy recommendations include launching a working capital grant to help small businesses restart or retool, a grant to help businesses cover COVID-19 staff training costs, a temporary corporate tax instalment interest holiday, and lowering B.C.'s marginal effective tax rate by removing B.C.'s provincial sales tax on capital expenditures and/or business inputs, or by implementing a value-added sales tax.
Longer term, the board suggests the province launch a startup capital program to support young entrepreneurs, expand and accelerate investments in digital health infrastructure and reduce internal barriers to trade to facilitate trade across provinces and municipalities.
The full GVBOT economic recovery plan, with all recommendations, can be accessed here.
