Cybersecurity in Canada: Protecting your business in the digital age
As a business owner or manager, you’re likely aware of the growing importance of cybersecurity. In today’s interconnected world, protecting …
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Minimize global transaction tax burdens with VAT and GST planning and compliance support.
Indirect taxes include Value-Added Tax (VAT) and Good and Services Tax (GST) and are broadly based on transactions, so liability will arise regardless of profitability. Markets in every corner of the world have indirect taxes, including the European Union, China, Mexico, Australia, Singapore, Japan, and Russia, to name a few.
With ever-increasing indirect tax technical complexities and regulatory requirements, U.S. and foreign businesses need to effectively plan for and comply with each foreign jurisdiction’s indirect tax rules to avoid unnecessary costs, delays, and administrative burdens.
BPM’s indirect tax specialists provide companies with effective U.S.-based indirect tax consulting, planning and compliance support, minimizing your risks, costs, and administrative burdens. We can assist companies on indirect tax matters such as the following:
When foreign support on indirect tax matters is needed, BPM’s Allinial Global network provides direct and immediate access to “home country” indirect tax expertise with over 200 member firms.
Our U.S.-based indirect tax specialists work closely with BPM’s Allinial Global network of foreign firms to develop and implement “home country” indirect tax compliance and reporting plans, including:
The 12-month transition period in respect of the new Goods and Services Tax (GST) and the Harmonized Sales Tax (HST) rules applicable in Canada and its respective provinces for US vendors and distribution platforms has ended as of July 1, 2022.
New GST/HST rules came into effect in Canada on July 1, 2021. These rules generally require foreign-based vendors selling more than C$30K of digital products or services to consumers in Canada, as well as the digital marketplace platform operators that facilitate those sales, to register for, collect and remit the GST/HST on taxable sales made to Canadian consumers. The new rules also apply to goods supplied through fulfillment warehouses in Canada.
In administering these new rules, the Canada Revenue Agency announced that it would work closely with affected non-resident suppliers and platform operators to assist them in meeting their obligations. The Agency also agreed to take a practical approach to compliance and exercise discretion in administering the new measures during a 12-month transition period. This administrative relief, therefore, ended on July 1, 2022.
Looking for a team who understands where you’re headed and how to help you get there? Whether you’re building something new, managing growth or preserving success, let’s talk.