TABLE D1
SUMMARY OF REVENUE MEASURES
|
Effective
Date |
Revenue
Effects
1997/98 |
Revenue
Effects
Full Year |
|
|
($millions) |
Corporation Capital Tax Act
- The investment allowance is amended to disallow a deduction for certain investments in foreign bank accounts, insurance companies, and exempt Crown corporations
|
April 1, 1997 |
5 |
5 |
School Act
- Average gross residential school taxes are maintained at 1996 levels by adjusting school property tax rates in response to changes in assessed values. Non-residential school property tax rates are unchanged from 1996
|
1997 tax year |
16 |
16 |
Taxation (Rural Area) Act
- Average gross residential taxes are maintained at 1996 levels by adjusting the residential rural area tax rate in response to changes in assessed values. Non-residential rural area property tax rates are unchanged from 1996
|
1997 tax year |
-- |
-- |
Municipal Act, Vancouver Charter,
Taxation (Rural Area) Act
- The property tax exemption for properties designed for the purpose of abating pollution will no longer be available for new properties or properties not previously exempted. Properties exempted from tax for this reason in 1996 will maintain their exempt status
|
1997 tax year |
-- |
-- |
Tobacco Tax Act
- Tax rate on loose tobacco increased from 8.4 cents per gram to 11 cents per gram
|
March 26, 1997 |
18 |
18 |
Other Revenue
- Various fees and licences adjusted
|
various |
49 |
55 |
Total |
88 |
94 |
Revenue Dedicated to
BC Transportation Financing Authority |
Motor Fuel Tax Act
- Additional 1 cent per litre of the clear fuel tax transferred to BC Transportation Financing Authority. No increase in overall fuel tax rates
|
April 1, 1997 |
-- |
-- |
Revenue Dedicated to Tourism British Columbia |
Hotel Room Tax Act
- Subject to concluding discussions with industry, 1.65 percentage points of the 8 per cent provincial hotel room tax transferred to Tourism British Columbia. No change in overall hotel room tax rate
|
April 1, 1997 |
-- |
-- |