Monday, September 17, 2012

Expert Tax Panel reports out...

Earlier today - the Expert Tax Panel handed in their final report to current BC Finance Minister Mike de Jong.  The Panel was established at the request of former BC Finance Minister Kevin Falcon

Read the final report here

Minister de Jong has asked the Select Standing Committee on Finance and Government Services to include the report in the committee’s annual provincewide budget consultation process this fall.

Meanwhile - the Panel had issued an interim report in March of this year covering the following points:

· Adopting the existing federal business number to simplify the PST registration process.

· Levying the eight per cent Hotel Room Tax under the PST legislation, eliminating separate registration, remittances and returns, and reducing paperwork.

· Aligning the dates of filing and remittances for the PST and GST for monthly filers to the end of the month following the reporting period.

· Allowing retailers to refund tax directly to their customers in more circumstances.

· Using plain language in drafting legislation, regulations and in all communications related to compliance.

· Updating the Taxpayer Fairness and Service Code to reaffirm the government’s commitment to fairness and service values.

· Allowing businesses that collect and remit tax to again receive a commission of up to $198 per reporting period.

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