Canadian Tax Adviser, March 21, 2016. Bill 10, which implements certain measures in British Columbia's 2016 budget, received Royal Assent on March 10, 2016. The bill includes measures to extend the mining exploration tax credit to the end of 2019 and extend the B.C. mining flow-through share tax credit to the end of 2016. It also includes measures to increase the property transfer tax rate on the portion of the property's value that exceeds $2 million.
The corporate tax provisions in Bill 10 are considered substantively enacted for purposes of IFRS and Accounting Standards for Private Enterprise (ASPE) as of February 16, 2016, when Bill 10 received first reading in the provincial legislature (as British Columbia has a majority government). Bill 10 is enacted for U.S. GAAP purposes on March 10, 2016, the date the bill received Royal Assent.
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