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September 19, 2005

BC Budget Update

The British Columbia Ministry of Revenue has issued a recent Budget Update on its web site. The announcement includes:

- A reduction to the General Corporate Income Tax Rate

"Effective July 1, 2005, the general corporate income tax rate will be reduced from 13.5% to 12.0%."

- Addition of Life Science Patents under the International Financial Activity Act

"Effective January 1, 2006, the International Financial Activity (IFA) program is expanded to include refunds of provincial corporate income taxes on income derived from certain patents."

For more information and links to supporting information view the BC Income Taxation Branch web site at:
http://www.rev.gov.bc.ca/itb/2005_budget_update.htm

Posted by Taxes.ca Editorial Team [permalink]

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