A notice was issued for those registered to collect British Columbia Provincial Sales Tax (“PST”) who sell boats and aircraft. The notice explains a new requirement, effective April 1, 2013, to complete and submit form FIN 407, “Provincial Sales Tax (PST) Schedule - Boats and Aircraft”, along with the collector’s PST return.
FIN 407 requires that vendors provide information regarding the payment of PST or exemptions claimed by customers on any boat or aircraft sales. This information is required when the purchaser subsequently registers the boat or aircraft.
At the present time, this form is only available in a printable format to be completed and mailed in. The online version is under development and will soon be available for submission in conjunction with online PST returns.