Airbnb bringing in nearly double the expected PST and municipal tax in B.C.
Airbnb bringing in nearly double the expected PST and municipal revenue enhancement in B.C.
B.C. is the just province to collect PST from the habitation rental platform
Last year, Airbnb agreed to remit provincial and municipal taxes to the Authorities of British Columbia.
So far, the system — which is intended to improve "revenue enhancement fairness" for all British Columbians — has proven to be nearly twice every bit lucrative than expected.
Co-ordinate to numbers Airbnb provided toGlobal News, the home rentals platform has handed over $14 million CAD in PST to the B.C. government in the starting time half dozen months since it began collecting taxes on October 1st, 2018. The government says money generated from the PST will go towards creating affordable housing.
Further, Airbnb says information technology remitted an additional $4 million in municipal tax to the government. Each municipality will receive a portion of this tax to be used on tourism promotion funding.
When the agreement was signed last year, Airbnb estimated it would remit $16 one thousand thousand in its beginning year of taxation collection. In just half that time, the company has already collected nearly one-half that amount, putting information technology on track to hit almost double the original estimated sum within the side by side six months.
The B.C. government is the simply jurisdiction in Canada to require Airbnb to remit PST. Altogether, the tax works out to about 11 per centum of the rental fee that would have gone to Airbnb prior to the deal.
Airbnb lists more than 31,000 B.C. homes on its platform.
Source: Global News
Source: https://mobilesyrup.com/2019/06/26/airbnb-pst-municipal-tax-collection-bc/
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