“Selected listed financial institutions” (SLFIs) that recently filed their 2014 indirect tax (GST/HST and QST) returns need to review their processes to improve efficiency and reduce risks for their 2015 returns. It is essential that these systems and processes not only meet operational and business requirements, but also help meet GST/HST and QST reporting obligations efficiently and effectively.
Many SLFIs may have faced challenges in completing their GST/HST and QST returns—such as manual processes and limited data extraction capabilities. A review of the systems and processes can help identify improvements to address these difficulties, and any missed opportunities to reduce costs. As part of this review, SLFIs may also need to review their 2013 and 2014 GST/HST and QST returns to determine whether they missed input tax credits (ITCs) and deductions. To help with this analysis, there are some common issues identified over the last few years to consider.
Read an August 2015 report prepared by the KPMG member firm in Canada: SLFIs Can Improve "the Bad and the Ugly" of Their GST/HST Returns to Reduce Costs
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