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Provincial Tax Commentary on Taxnet Pro™
In its February 18, 2014 Budget, B.C. announced the introduction of an LNG income tax.
In B.C., natural gas is a Crown-owned natural resource. The government stated that the
overall proposed taxation framework including all taxes will be competitive with similar
jurisdictions with LNG businesses. The general proposal involves a two-tier tax with
a tier-one tax rate of 1.5 per cent and a tier-two rate of up to 7 per cent, with the final
rates to be determined. The LNG income tax will apply to income from liquefaction of
natural gas at LNG facilities in B.C. The tier one tax rate of 1.5 per cent will apply to an
operator’s net proceeds (revenue less expenses) after commercial production begins...
Access this insightful content on B.C.’s two-tier tax law for liquefied natural gas (LNG). Find
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