Increase in the Tobacco Tax Effective as of 12:01 a.m. on November 21, 2012
The Minister of Finance and the Economy today announced an increase in the tobacco tax. The increase is effective as of 12:01 a.m. on November 21, 2012.
Retail dealers and collection agents that, at 12:01 a.m. on November 21, 2012, have tobacco products in stock on which they paid (or should have paid) an amount equal to the tobacco tax must take inventory of those products at that time. They must then remit, no later than December 21, 2012, an amount equal to the difference between the tobacco tax applicable at the new rate and the tax applicable at the rate in effect before November 21, 2012.
A copy of form TAZ-7.12-V, Inventory of Tobacco Products in Stock, which includes a remittance slip, will be mailed to retail dealers and collection agents on November 21, 2012. If you sell tobacco products and you do not receive a copy of the form, please contact Revenu Québec.
For more information, click Increase in the Tobacco Tax.