Imagine that. It is ridiculous, as my colleague from Skeena--Bulkley Valley has just said.
From the point of view of small business, from the point of view of Canadian jewellers, and that case has already been clearly articulated in the House with strong representation from the Canadian Jewellers Association, and from the point of view of a burgeoning, booming industry, the diamond mining industry in Canada, let us not delay this matter any more.
Let us ensure that this Parliament passes this bill and forces the government to act so it cannot continue to delay and deny Canadians the benefits of a reasonable tax policy when it comes to something so out of date and such an anachronism as the excise tax on jewellery.
We have heard Liberals in the House today suggest that there is a problem because of this tax and the underground economy. We are losing all kinds of tax revenue because we have it all backwards. We have put an excise tax on that which does not make sense. It forces people to sell jewellery underground, and of course we miss opportunities for incredible and significant tax revenues. From all points of view, it does not make any sense for the government to continue to stonewall and delay on something so fundamental.
I end by simply saying to the government that the recommendations in the finance committee were very reasoned and rational. They give the government a way to implement a necessary action without causing huge turmoil because of the sudden and significant loss in tax revenue.
I want to reference for the members on the government side our recommendation which says that the federal government implement one of the following options:
phase out the federal excise tax on jewellery over five years; or increase, in increments over a five-year period, the thresholds at which the tax begins to be paid, eliminating the tax at the end of the period. In deciding between these options, the government should consider which option is the more expeditious and involves the greater administrative simplicity for the jewellery sector.
There is a reasonable option and a solution for the government. The bill should be passed and implemented according to the wishes and will of Parliament and the finance committee.