tag:blogger.com,1999:blog-4622776924781844427.post5060899005212273346..comments2024-03-23T13:43:27.051-04:00Comments on Tax, Society & Culture: Banks vs Transaction TaxesAllisonhttp://www.blogger.com/profile/16733465339926078146noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-4622776924781844427.post-19994134214191463312012-03-24T17:29:44.267-04:002012-03-24T17:29:44.267-04:00Allison,
Interestingly enough the only Financial ...Allison,<br /><br />Interestingly enough the only Financial Activities Tax in the world the Quebec FAT is currently heading to trash bin. The reasons for this is it has been announced that the QST/TVQ is going to undergo a further round of harmonization in which financial services under the QST/TVQ are going to be changed from zero-rated(which means banks claim back input tax credits) to exempt(in which they cannot) and is the current practice under the Federal Canadian GST/HST system. This is partially related to Ontario's decision in 2010 to join the HST system(Toronto of course is main competitor to Montreal in financial services). Interestingly enough I believe the Canadian GST is the only VAT is the world where financial services are not zero rated.Timhttps://www.blogger.com/profile/03894651289037073128noreply@blogger.com