VICTORIA, B.C. - The B.C. government is again showing the trucking industry how it earned the nickname "Bring Cash."As of Oct. 1, the province will raise the rate of the Multijurisdictional Vehicle (M...
VICTORIA, B.C. – The B.C. government is again showing the trucking industry how it earned the nickname “Bring Cash.”
As of Oct. 1, the province will raise the rate of the Multijurisdictional Vehicle (MJV) Tax, a recurring sales tax that is collected during the registration process of apportioned vehicles.
The rates, which vary depending on the age of the unit purchased, will climb to 3.529 per cent of the purchase price of a new vehicle, all the way down to 1.642 per cent of a vehicle nine years or older.
The current range is from 3.294 per cent to 1.533 per cent.
The increase is said to reflect a corresponding increase in the rate of the B.C. general sales tax from seven to 7.5 per cent.
At the same time, lighter vehicles subject to prorated registration, through the International Registration Plan or the Canadian Agreement on Vehicle Registration (CAVR), will also become subject to the MJV, retroactive to 1996.
For vehicles based in B.C., this will mean a refund of part of the full sales tax paid on the purchase of the vehicle.
For more information, contact Al Keith at the Insurance Corp. of B.C., 604-661-6883.
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