A new PST system
British Columbia returned to a GST and a new PST system on April 1, 2013. Businesses registered for B.C. PST that are monthly filers or non-registered businesses that have self-assessment obligations are already facing their first filing deadline on May 31, 2013. With this deadline looming, some businesses are still facing uncertainties.
A new tax system inevitably brings some uncertainty with it and this new B.C. PST regime is no different. Both suppliers and purchasers still have many questions about how the PST applies to their transactions, including:
- What information should be documented on invoices?
- Does PST apply to a particular good or service?
- Are any exemptions available to provide relief from the tax? If so, how is an exemption supported - with a PST registration number or an exemption certificate, or both?
- Is PST accurately charged and calculated on purchase invoices? What about sales invoices?
- Were transactions straddling the April 1st implementation date handled correctly?
- When do the mandatory electronic filing requirements apply?
We can help
Your KPMG adviser can help you understand how these new rules apply to your business. We can help you manage your compliance obligations and also help you to ensure that you are not overpaying tax or missing refund opportunities.
For more information, contact your KPMG adviser.
Information is current to May 28, 2013. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500