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.
“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,” said Teresa Wat, Minister of International Trade and Minister Responsible for the Asia-Pacific Strategy and Multiculturalism.
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.
“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,” said Michael de Jong, Minister of Finance.
