The Vancouver office of the Canadian Federation of Independent Business agrees that the interim tax measure that Municipal Affairs Minister Selina Robinson, seen here on Nov. 17, 2017, introduced is so flawed it’s not worth attempting.None of the nine cities that pleaded with the B.C. government to provide tax relief for small businesses will be using the interim measure introduced by the province last week, say several Lower Mainland mayors.
Almost all business owners who rent are required to pay the taxes for the building they occupy – what’s known as a triple-net lease. Cities had asked the province to come up with a split-assessment tool that would be applied through the provincial land-valuation agency, the BC Assessment Authority. That would tell city financial departments how much of the property value was based on development potential, as opposed to current use. The development-potential part of the land could then be taxed differently – still classified as a business but with a lower tax rate.The new law Ms.
“It took us many, many months to use that legislation, and it was very, very complicated, detailed work,” he said.In fact, it took the city from March to October to run the numbers on all the properties affected – just 37, although some were large malls with many small businesses in them – and figure out what the rules would be. The city also needed to verify which of the dozens of businesses had operators with triple-net leases.
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Market mood turns sour over virus after temporary reliefMounting concerns about the economic impact of the new coronavirus outbreak saw gains in European stock markets wiped out Monday despite hopes of stimulus measures from major central banks. fuuuuuuuuuuuuuuuuuuuck. I’m not even looking at my investments..........until this blows past us and is in recovery mode! The stock market has a life of its own, it is based on fear and greed. Such is the fragile nature of the economic system. Yeshua prophesied this.
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