For Immediate Release
Retailers welcome tax cuts but concerned
about impact on cost of goods
Victoria, BC (February 19, 2008)—Retail BC today commended the business and personal income tax cuts announced in the 2008/09 provincial budget but expressed concern that there is no direct relief for consumers in the form of a sales tax cut.
Retail BC applauds the small business tax cut (from 4.5% to 3.5%), the personal income tax reduction and the $100 rebate to all British Columbians in June 2008. “Retailers know that tax cuts work,” said Mark Startup, president and CEO of Retail BC. “However, the success of today’s bold green budget is heavily dependent on maintaining high consumer confidence.”
Retail BC is concerned about the budget’s impact on the costs of business for retailers. “We hope this budget will not increase the cost of business for retailers, which has been steadily rising over the past few years due to increases in occupancy, freight and staffing costs,” said Startup. “This budget creates the potential for further increases in the cost of goods and transporting goods to retailers.”
In its pre-budget submission, Retail BC called for competitive sales taxes and streamlined regulations that would further boost the economy and enhance investment and employment opportunities in BC communities.
Retail BC is the voice of over 3,000 retail companies within British Columbia. BC’s retail industry generates over $50 billion in sales and employs over 260,000 British Columbians.
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For further information, contact:
Mark Startup
President and CEO T: 604-730-5252 M: 604-970-0489