In preparation for the implementation of the LNG income tax in British Columbia starting in 2017, the Government of British Columbia has now established a website to provide more detailed information about the tax regime and to help LNG proponents and others better understand the tax regime.
Detailed information is provided about:
- the tax rates
- the definition of liquefaction activities
- the calculation of net operating income or loss
- the rules for calculating net income, including the net operating loss account and the capital investment account
- valuation rules, including transfer pricing rules and fair market value rules
- calculation of the tax, including rules for the first taxation year
- rules that reduce tax payable, including the investment allowance and the closure tax credit
- registering for the tax
- providing security for tax payable
- tax remittance details
For further information, see the LNG Income Tax Page.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
