Newfoundland and Labrador HST Increase | KPMG | CA

Newfoundland and Labrador HST Increase — Transitional Rules Released

Newfoundland and Labrador HST Increase

May 4, 2016, No. 2016-25. Newfoundland and Labrador has released transitional rules relating to the upcoming increase of the HST to 15% (from 13%) effective July 1, 2016, which it announced in its 2016 provincial budget. Certain businesses, especially builders, are affected by these rules starting May 3, 2016, The province provides general descriptions of the rules on its website.

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Based on the transitional rules, for many supplies, suppliers are generally required to collect 15% HST on the consideration that becomes due without having been paid, or is paid without having become due, on or after July 1, 2016.

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Disclaimer

Information is current to May 3, 2016. The information contained in this TaxNewsFlash-Canada is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation.

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