RE:RE:RE:RE:RE:RE:Sales TaxesIn my opinion, you keep referring to SALES tax, gst/pst/hst. I however, am referring to the provincial 15% special cannabis tax, the $1/g federal special cannabis tax, and special cannabis municipal tax, all which you DO NOT see on top of the sale which I posted in my picture, which indicates the COMPANY pays not the consumer. So stop lying
theTransporter wrote: You're actually proving my point and disproving your own.
Each province varies, but in the example you have provided for BC, they charge PST and GST on top of the sale price. This tax is paid for by the consumer and NOT the producer. As per
https://www2.gov.bc.ca/assets/gov/taxes/sales-taxes/publications/pst-141-cannabis.pdf, there are no other sales taxes on cannabis in BC.
In Ontario, they include the HST (13%) into the price of the product:
https://ibb.co/bB8M0YB Once again, these are sales taxes that the consumers pay, NOT the producer.
When Supreme sells their products and books revenue, they don't owe a percentage of tax of that revenue. They will owe corporate taxes based on profits, once they achieve them. There's another thing with taxes where by being in a loss position, they have tax loss credits they accumulate which they can apply against corporate taxes on future profits. That may actually just be too mind blowing for your simple mind.
Just abandon your uneducated pitch that Supreme owes taxes on their toplin revenues to the government. You're incorrect and I won't let you try and fo.ol uninformed members of the board.
Try another approach.
watchmeplz wrote:
https://ibb.co/vLFxcvD
lies.
watchmeplz wrote: In my opinion, Liar lair pants and stock on fire. Go checkout from bc cannabis store or any other provincial website and tell me if you see anything other than pst/gst/hst. Nice try.
theTransporter wrote: The tax you are describing is still a sales tax. HST/GST/PST are not the only types of sales taxes. What you describe is paid for by the consumer at the end, not the supply chain.
No different than gasoline or cigarettes and even booze. You think the alcohol distellers or wine producers pay the taxes inlcuded in the sale of alcohol? Or the petrolium refineries pay for the fuel exise taxes? Of course note. We pay for it, the end user.
Try another approach, this one is no longer working for you.
watchmeplz wrote: In my opinion, nobody ever mentioned sales tax. The tax I'm implying is a special cannabis tax the provincial, federal, and municipal govts levy. Provincial is 15%, then there's a federal stamp act it's $1/g and municipal tax, that's all before income tax, yes we fully understand sales tax moves from the purchaser to the govt, this has nothing to do with that, you both should already know that though correct?
theTransporter wrote: Here's a quicke education for those of you who think sales tax is deducted from revenue.... it's not!
If Supreme sells a product at $5 per gram, the invoice generated to their customer is $5 + taxes. That tax is collected from the customer and remited to the government. We as customers see a price where taxes are included, thus if let's say taxes are 10% (for the sake of easy math), Supreme sells their gram at $5.50 to a supplier, who then may mark it up $1 then sell it to a customer or retailer for $6.60 (taxes included). Their revenue line item is only $6 and teh $0.60 is a flow through.
Sales taxes DO NOT get deducted from anyone's revenue. It's charged on top of the revenue. It's a flow through. It's simple accounting 101.
Only tax that is paid are corporate taxes on PROFITS.