AdvantageBC has commissioned a report by International Financial Consulting LTD (IFC), which reviewed the best practices in designing business attraction, and incentive programs. The report was commissioned in order to identify new products and services to promote British Columbia as a favourable location for international business.
The report identifies and examines best practices in the use of tax incentives and other innovative mechanisms for business attraction, retention, and growth, with a focus on sustainable or green growth as a best practice principle.
The IFC reviewed tax incentive programs used in Singapore, New Zealand, Belgium and Connecticut. AdvantageBC focussed its analysis on ensuring that the incentive program is transparent, that the incentive’s impacts can be measured, and that we are regularly assessing and reporting the benefits derived from the program.
AdvantageBC CEO Clark M. Roberts stated that, “We’re pleased to receive this report from the IFC, which outlines best practices and areas of opportunity for British Columbia, which AdvantageBC is excited to champion.”
The report goes on to outline best practice principles of tax incentives, fiscal approaches to support green initiatives, and the role of financial markets.
“AdvantageBC has always advocated for an innovative economy in British Columbia and attracting investment to drive new developments in emerging sectors. This report will help us frame a new and sustainable future for our province,” said Board Chair Bruce Flexman.
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