HST tax changeover has ripple effects for businesses nationwide: Ernst & Young
(Toronto, 29 September 2011) Companies across Canada will feel the impact of reintroducing PST in British Columbia – and must prepare accordingly, Ernst & Young says.
“This is a major change that’s going to affect companies across the country. There’s a lot to think about, including registration requirements, tax exemptions, planning opportunities and general transitional rules for fleets and equipment,” says Alison Pavlin, Associate Partner, Indirect Tax. “It’s vital that businesses in all provinces educate themselves on the changes sooner rather than later.”
Ernst & Young says companies must turn their attention to the issue now, and ask how this changeover will affect operations, systems, customers, budgets and staff. It’s also beneficial for companies to advise the BC government on what administrative improvements can be made to the PST.
“This a Canadian issue, not a BC issue,” Pavlin says. “Companies in any province that do business in BC must make changes now if they want to ensure a seamless transition.”
Ernst & Young spokespeople are available to explain this tax transition, and discuss the specific changes required of companies in all provinces.
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