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British Columbia Government Introduces Tax Changes For Life Sciences

On September 14, 2005 British Columbia Finance Minister Carole Taylor presented an updated budget which included changes to British Columbia’s corporate tax policy related to products developed based on BC-based life sciences patents.


Speaking in the BC Legislature, Minister Taylor stated that the amendments will “improve British Columbia's competitiveness as a choice location for business investment and job creation, and will retain and build on the success of our life sciences sectors.”


The budget follows the announcement made by Premier Gordon Campbell during BIO 2005 in Philadelphia in June.  The legislation is set to become effect January 1, 2006 and is expected to reduce the tax burden of BC biotech companies, allowing for higher rates of re-investment into these BC-based businesses.


The genesis of this announcement occurred approximately three years ago with BC Biotech’s Public Policy Committee, and in those three years, countless hours and a tremendous amount of dedication has been put forth by many members of our biotech community as well as those in government in order to achieve this success.

BC Biotech would like to recognize in particular the work of the team at Farris, Vaughan, Wills & Murphy LLP, led by Hector MacKay-Dunn, QC, that of PricewaterhouseCoopers, led by John DeLucchi; and the then Public Policy Committee Chair, Ian McBeath. These co-authors of BC Biotech’s first report to Government recommending these changes are to be commended for their efforts. Indeed, there are more projects from that initial report that the Public Policy Committees of the future will surely be pursuing.

BIOTECanada and PricewaterhouseCoopers Seek Input for 2005 Canadian Life Sciences Forecast Report

BIOTECanada and PricewaterhouseCoopers have collaborated to conduct a survey to gain perspective on issues, trends and implications for the life sciences and biotech community in Canada.

The results of the survey will direct BIOTECanada’s advocacy agenda for the association. It will also be used by Canadian public policy decision makers as a barometer of the pulse of life sciences and biotech industry as well as an indication of the key challenges the industry must overcome to grow and compete internationally.

 

Voice your opinions at
http://websurveyor.net/wsb.dll/36288/PwC2005CanadianLifeSciForecast.htm

 

For more information, contact cate.mccready@biotech.ca
Suite 900 - 1188 West Georgia St.
Vancouver, BC V6E 4A2