Business

Industries face challenges with HST defeat

The defeat of the HST will only add to the competitive challenges faced by B.C. businesses, says the Canadian Manufacturers and Exporters.

“B.C. industries are faced with a variety of competitive challenges, including increased global competition, continued protectionism in foreign markets, rising input and commodity costs and a high Canadian dollar,” stated CME BC vice-president Peter Jeffrey.

“The HST would have helped significantly with these challenges and made our industries more competitive.”

The group felt the HST would have helped preserve jobs in B.C’s manufacturing sector, but while they disagree with the decision to scrap the tax, they realize they must respect the democratic process, Jeffrey added.

The organization will push for additional tax reform, however.

“We continue to believe that adoption of the HST is a critical element in creating a strong economic climate within the province,” Jeffrey said.

“While the planned changes to the corporate income tax rates are not ideal, we are prepared to take on the additional burden in order to support adoption of the HST, which improves competitiveness and employment prospects in the province.”

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