Shane Woodford | Email news tips to shane.woodford@corusent.com
5/14/2012
Could the return of the PST mean highers costs for consumers? the President of the BC Chamber of Commerce certainly thinks it is a possibility.
John Winter says businesses will take a hit as they prepare to revert back to the PST by April 1st next year.
He said "Many of them incurred a cost to adjust to the HST in the first place they now have to re-adjust to go back to collecting the two taxes but the fact that it has been streamlined may mean it is less costs but at the same time those costs are going to be significant depending on the nature of the business and quite likely those costs will be passed on to consumers."
Winter also adds it won't just be the consumer who may stand to lose out.
He said "From an economic perspective going back to the PST and the GST is certainly a major step backwards it is not going to do anything for British Columbia's competitiveness."
Winter says he welcomes the streamlining of PST processes along with the addition of the online administration.
He said "The only real benefit to business we have seen is just that, that the process by which business will collect and submit to government is essentially streamlined that is very good news."
When asked if businesses will have enough time to make the switch with a year to go Winter said "Certainly will provide them with some time but again it will largely will depend on the regulations that will come forward in the fall the time isn't excessive as far as business is concerned hopefully they have sufficient time once the regulations are published."
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