HUB LinkedIn
HUB International TRANSPORTATION Insurance
British Columbia’s leading source of Transportation insurance solutions
When you bring your business to our TRANSPORTATION specialists at HUB International Insurance Brokers, you receive the combined power of our vast global resources and solid local relationships. Our longstanding relationships with the best providers in the business allow us to deliver the solution that serves you best. With HUB, you can run your business knowing that you are headed in the right direction.

MoF Requires Changes to MJV Tax Process

The Ministry of Finance has updated direction to ICBC on the application of the MJV tax.

As of March 14, 2016, fleets will no longer receive an automatic credit for multijurisdictional vehicle tax paid when there is a change in ownership of an MJV during a prorate license term and will have to apply for a refund at the end of the licensing term instead.

Now, whenever there is a transfer of ownership of an MJV, the MJV tax is payable by the party taking ownership of the vehicle, and the party transferring ownership must wait to the end of the original policy term before receiving a refund for the MJB tax it originally paid. This change will affect leasebacks and lease buy-outs that take place during a prorate license term for an MJV that is remaining with the same prorate fleet.

Although there are no additional costs to carriers, there will be a delay in receiving refunds as well as the additional administrative time required to apply for them.

For more information about the MJV tax and how to apply for a tax refund, please see PST Bulletin 135

You may also call ICBC’s Prorate department for assistance at 604-443-4450

Original article source: BCTA- MoF Requires Changes to MJV Tax Process

Request a Callback

(604) 269-1000

RSS Feed

Subscribe via our RSS feed

Email Newsletter

Subscribe to HUB Transportation news

Get a Quote