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This is an official version. Copyright © 2000: Queen's Printer, Important Information
Statutes of Newfoundland 1993 CHAPTER 33 AN ACT TO AMEND THE HEALTH AND POST-SECONDARY EDUCATION TAX ACT (Assented to December 17, 1993) Analysis 1. S.3 Amdt. 2. S.3.1 Added Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows: RSN 1990 cH-1 as amended 1. Subsection 3(1) of the Health and Post-Secondary Education Tax Act is amended by adding immediately after the words "In this section" the words "and in section 3.1". 2. The Act is further amended by adding the following immediately after section 3: Tax exemption 3.1 (1) Notwithstanding section 3, for the 1993 year, where the adjusted taxable remuneration exceeds adjusted taxable remuneration for 1992, no tax is payable on the least of (a) the amount of the excess; (b) $750,000; or (c) $1,500,000 minus 1992 adjusted taxable remuneration. (2) The adjusted taxable remuneration for a year shall be taxable remuneration less remuneration paid to a shareholder who beneficially owned at any time during the year, at least 10% of a class of capital stock of the corporation. (3) An employer (a) to whom subsection (1) refers shall pay tax in the manner required under section 3 until adjusted taxable remuneration for 1993 equals adjusted taxable remuneration for 1992; (b) whose adjusted taxable remuneration for 1993 exceeds adjusted taxable remuneration for 1992 by more than the lower of paragraph (a), (b) or (c) shall pay tax on the amount in excess of the $750,000 in the manner required by section 3; and (c) to whom subsection (1) applies, who has no taxable remuneration for the period, shall nevertheless file a return with the minister. (4) An employer who is eligible for a refund of tax may apply for it under section 31. (5) This section does not apply to federal, provincial or municipal governments or their corporations or agencies. ©Earl G. Tucker, Queen's Printer |