Global

Details

  • Service: Tax, Global Indirect Tax, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 2/15/2013

Canada - B.C. provincial sales tax effective 1 April 2013  

February 15:  Companies that sell taxable goods and services in British Columbia need to prepare for the new B.C. provincial sales tax (PST) that takes effect in just six weeks on 1 April 2013.

Companies that have not yet started the transition process need to consider completing the process right away.


Company systems and processes will need to be ready to collect the right amount of tax on taxable sales and to collect the right data in order to file separate GST/HST and B.C. PST returns, among other things.


Also, companies will want to properly use exemptions to reduce unrecoverable PST, and to verify that their systems will deal with self- assessment of PST on taxable items imported into B.C.


All systems need to be adjusted with enough time to be tested before going live on 1 April 2013. An undetected error could lead to significant tax assessments.


Read a February 2013 report prepared by the KPMG member firm in Canada: Are All Your Systems Go for New B.C. PST?




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