British Columbia will return to the PST starting in April 2013
British Columbia (B.C.) will re-implement a provincial sales tax (PST) effective April 1, 2013. Thus, businesses registered in B.C. will be required to collect the following taxes on their taxable supplies starting on that date:
- Goods and Services Tax (GST) at the rate of 5%;
- 7% PST on most taxable goods and services.
The new PST system provides a number of exemptions and exceptions to the principle of taxable supply, such as the sale of goods for resale purposes. It is also important to note that there is no PST self-assessment for assets held as of April 1, 2013.