Wednesday, November 25, 2009

2009 Taxes Still Unpaid By Harmac

$2,800,000.00 Owing In Taxes

It is reported in the Bulletin that Nanaimo's second largest taxpayer has still not paid their taxes for 2009.

Their original tax bill was $3,600,000.00 but was reduced by $800,000 as a result of reducing the industrial tax rate.

The company has incurred a penalty of 5% on Jly. 2 and a further 5% on Aug. 2 bringing their total debt to over $3,000,000.00.

Mill spokesman say they are in the process of having the assessment on the property reduced through BC Assessment Authority which is why they have not paid their tax bill.

The mill could simply stop paying their taxes, and after three years the city could begin legal action to take over the property.

Note: Since this represents a sizeable sum could it mean the residential taxes are going to have to increase to offset this amount should Harmac be unable to pay their tax bill ?

allvoices

4 comments:

  1. In response to your question,I would think residential taxes would have to go up if Harmac doesn't pay taxes.You wouldn't want City staff to have to take a hit to their salaries and benefits,would you?

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  2. So ... like who would be paying the Harmac taxes if the employees wouldn't have salvaged the enterprise?

    Are the taxes based on net income?

    Is there any time related "tax to be paid" incemtives?

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  3. That is a pretty valuable piece of property there. It could be yielding lots of taxes if it were put to a different use.
    Taxes are not based on income, the citizens are not owners of the enterprise and have no say as to how it is run.
    There certainly are incentives to paying taxes on time, that 10% penalty ain't peanuts.

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  4. I am disgusted with all these tricks corporations use to increase their profits at the expense of anyone else. And we, the citizens, have to accept their polution, pay more taxes to make up for thier lack of citizenship...but most of all give up our health to their profits. YAK!

    ReplyDelete

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