Amendments to the International Business Activity Act (IBAA) brought into force today aim to increase foreign private-sector investment in British Columbia and attract new business to the province, announced Teresa Wat, Minister of International Trade and Minister Responsible for the Asia-Pacific Strategy and Multiculturalism.
The amendments allow branches of foreign banks, in Canada called Schedule III banks, to benefit from the tax measures specified in the act, including the ability to claim refunds for portions of income taxes paid.
Today’s announcement gives British Columbia a competitive advantage by positioning the province as an investment-friendly destination for international business and by raising the profile of B.C. on a global scale. In particular, today’s amendments increase the potential for investment from priority Asian markets and create the potential to link into the growing Renminbi market.
Teresa Wat, Minister of International Trade and Minister Responsible for the Asia-Pacific Strategy and Multiculturalism -
“This move supports B.C.’s efforts to become a cross-cultural business hub. The amendments to the International Business Activity Act will do a lot to raise the profile of British Columbia as an international financial centre, particularly in the Asia-Pacific region which is one of the fastest growing economies in the world.”
Michael de Jong, Minister of Finance -
“Our goals are to attract business, create jobs and grow the economy. These amendments to the International Business Activity Act send a strong message to foreign companies that B.C. welcomes their business, setting the stage for increased investment. We think it’s a positive for everyone—British Columbians and international businesses.”
- The amendments brought into force today were introduced with the 2011 budget.
- The IBA program first began in 1988 to draw international financial activity to B.C.
- The program was expanded in 2004 to include additional international financial activities and expand eligibility for tax refunds under the program.
International Business Activity Program: http://ow.ly/xIgsI
Ministry of International Trade and Responsible for the Asia-Pacific Strategy and Multiculturalism
Ministry of Finance