Ports in the Canadian province of British Columbia aim to become more attractive to investors with a move to make the existing cap on municipal port property tax rates permanent.
The British Columbian government has said that this move will encourage significant “additional infrastructure expansion”.
It will also allow BC ports to take advantage of their prime location as a northern trade corridor to seize more opportunities for Asia Pacific trade.
Ports in the Canadian province of British Columbia aim to become more attractive to investors with a move to make the existing cap on municipal port property tax rates permanent.
The British Columbian government has said that this move will encourage significant “additional infrastructure expansion”.
It will also allow BC ports to take advantage of their prime location as a northern trade corridor to seize more opportunities for Asia Pacific trade.
The BC Wharf Operator's Association welcomed the move and said that it could provide more than $2bn in future private sector investment.
Robin Silvester, president and chief executive at Port Metro Vancouver, said: “We appreciate the important steps the province has taken to encourage port investments and create new jobs, while maintaining support for our municipal neighbours.”
The caps were originally introduced in 2004 on a temporary basis through the Ports Property Tax Act. Since then, the money has been put to good use on projects worth more than $1bn, helping to give BC ports a more competitive edge.
Making the port tax cap permanent aims give port operators increased certainty – create jobs, support trade and grow the economy.
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