Government Budget Submissions
In conjunction with our verbal submission provided on September 21, 2015 in Vancouver, AME BC is pleased to provide the Select Standing Committee on Finance and Government Services with recommendations for Budget 2016.
- AME BC recommends that the BC government make the BC Mining Flow-Through Share (BC MFTS) Tax Credit permanent to encourage companies to explore for more in British Columbia
- AME BC recommends that the BC government renew the BC Mining Exploration Tax Credit (METC) at its regular rate of 20% and enhanced rate of 30% through January 1, 2020 to provide longer-term stability for the planning of mineral exploration programs.
- AME BC recommends that the BC Government work with the federal government and the Prospectors and Developers Association of Canada (PDAC) and AME BC to ensure that legislative changes to the Income Tax Act will result in designated environmental studies and consultation expenditures being considered Canadian Exploration Expenses (CEE). Much-needed revisions to the Canada Revenue Agency’s (CRA) 2007 Guidelines should be made into regulations under the Income Tax Act.
- AME BC recommends that the BC government work with the Canadian Mineral Industry Federation (CMIF) and the federal government to improve industry’s access to venture capital; specifically by adopting a regulatory framework that explicitly acknowledges the role of capital markets in fostering economic growth, and prioritizes cost-effective capital raising by venture-issuers.
- AME BC recommends that the BC government work with business venture and industry associations to reform the market regulators, including having the regulators be more representative of the industries they serve and more directly accountable to elected officials.
- AME BC recommends that the BC Government fund the long-term renewal of provincial mineral development potential mapping.
- Before restricting exploration or development on metal-, coal- and mineral-rich lands in BC, AME BC recommends that the BC Government:
- Assess the mineral & coal development potential and socio-economic impacts of any proposed land access & use policy changes; and
- Assess the potential negative impacts and unintended consequences to the mineral exploration and development sector of legislative or regulatory changes.
Read the full submission here.