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Harmonized Sales Tax – Is Your Business Ready?

Thursday, June 17, 2010

Effective July 1, 2010, the provincial sales tax (“PST”) will be harmonized with the federal Goods and Services Tax (“GST”) in the Province of British Columbia resulting in a combined Harmonized Sales Tax (“HST”) of 12%.  An overview of the HST and the transitional rules were summarized in our March 2010 HST Newsletter which is available in the link below.  In addition to those rules, some important changes will also affect GST/GST accounting and filing for certain businesses effective July 1, 2010:

• Mandatory Electronic Filing for HST/GST Registrants
• Restricted Input Tax Credits for Large Businesses

For more information see our June 2010 Tax Alert at: Tax Alert - HST