The British Columbia government says it plans to ramp up efforts to attract international financial firms to the province.

B.C.’s finance minister, Colin Hansen, announced Tuesday that the province intends to expand its International Financial Activity program by introducing legislation to allow Schedule III banks (which are branches of foreign banks operating in Canada) to access the program.

The IFA program was established in 1988 to draw international financial activity to B.C. It offers a refund of provincial income tax paid on income earned conducting international financial business.

“This proposed addition to the IFA program will encourage foreign banks to strongly consider British Columbia as a destination both for their branch operations and regional headquarters,” said Hansen. “It will also create a level playing field for all banks under the IFA program.” The government plans to have this change in effect by April 2011.

It is also expanding the program to sectors beyond finance to include digital media publishing and distribution, certification and trading of carbon credits, and clean technology; and, as a result, renaming it the International Business Activity program.

“Continuing to expand the IFA program will give B.C. more competitive advantages over other jurisdictions,” said Iain Black, Minister of Small Business, Technology and Economic Development.

IE