Friday, February 13, 2015

Sales tax not only way to pay for public services


CCPA Budget Submissions

Natural Resource Royalties Reform, Iglika Ivanova, Canadian Centre for Policy Alternatives, October 2014
BC used to collect well over $1 billion per year from natural gas royalties, but over the last five fiscal years these averaged a mere $330 million per year. The tax/royalty regime for LNG put forward in Budget 2015 should place more emphasis on achieving public benefits before signing away the rights to this non-renewable, publicly owned resource. BC should also collect more from companies using our water and forest resources.
The decline in revenues from natural resources is even worse than stated by CCPA since government has been building an unrecorded liability to gas producers that will offset future royalties. The amount stood at $1.2 billion at March 31, 2014.

In addition, direct expenditures by the gas ministry went up by 900% between 2008 and 2014 so the net budget contribution from natural resources is significantly reduced. Regular readers of Northern Insight will not be surprised by these numbers. We've been offering this information for some time. It is drawn from BC Government documents and the numbers are indisputable.


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5 comments:

  1. I'm curious what happened in 2011 for Ministry expenditures to go from $60 million to $424 million in one year.

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  2. Why that's when Christy took the helm of the SS British Columbia and its been clear sailing ever since !
    Long live the queen !

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  3. And what happens when Ministry expenditures exceed revenues? Do we just raise the sales tax?
    I'm sitting on a railroad siding in Maitland, Australia and a loaded coal train goes past every ten minutes. Kind of gives one a different perspective when you can actually see your resources disappearing before your eyes, and the huge holes in the ground when you get to the mines. Most of the 'holes' are actually underground And some of the visual effect is los

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    Replies
    1. I was saying: "....some of the visual effect is lost, as when you are depleting a Natural Gas resource." What you can't see, you don't miss.
      Anyway, it appears the Australians too are attempting to give their resources away before they are unwanted. Several iron ore deposits have shut down because of low prices, yet still have

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  4. oh, I do like that bumper sticker, got to get one of those!
    It says it all. while photo princes Christy is giving away hundreds of millions of our tax dollars she still can't see her way clear to letting kids who live 50% below the poverty line, keep their child support. she has to grow the economy first. By that time the kids will be dead from old age, if they haven't died prematurely because they didn't get adequate food and medical services as children.

    People really are selfish. they voted for photo op princess so they could get "jobs" but they never thought about all the children in this province who are being neglected by the B.C. Lieberals.

    ReplyDelete

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