Global

Details

  • Service: Tax, International Corporate Tax, Global Indirect Tax, International Executive Services, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 6/4/2012

Canada - Proposed indirect tax changes and implications for businesses 

June 4: Businesses across Canada have had to cope with a flood of indirect tax changes over the last few years, requiring significant changes to their systems and processes.

And now, another wave is coming. For example, at the end of May 2012, Quebec released details on the upcoming harmonization of the QST with the GST/HST, effective January 1, 2013.


The federal government and several other provinces are also proposing changes to the GST/HST and provincial sales taxes. Even the elimination of the penny, this fall, brings its own complications for point-of-sale systems that must be addressed.


Businesses will need to determine the effect of the changes as soon as possible so they can adjust and test their systems. Businesses that act quickly may also be able to take advantage of potential tax-saving opportunities.


To read a June 2012 report, prepared by the KPMG member firm in Canada, that summarizes selected proposed changes and their potential implications for businesses: Big Wave of Indirect Tax Changes Rolling In (PDF 144 KB)


A handy one-page thumbnail of these changes is provided in table format in the Appendix.




©2012 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.


The KPMG logo and name are trademarks of KPMG International.


KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.


The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor 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 on such information without appropriate professional advice after a thorough examination of the particular situation.


Direct comments, including requests for subscriptions, to go-fmtaxnewsflash@kpmg.com.
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:

+ 1 202 533 4366

1801 K Street NW
Washington, DC 20006.

 

Share this

Share this

Subscribe

Subscribe to receive the latest TaxNewsFlash email alerts (you must select the option for TaxNewsFlash)


Already a Subscriber? Login


Not a member? Subscribe now

Contact us