Statutes of Newfoundland 1999 Chapter 21

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Statutes of Newfoundland 1999

CHAPTER 21

AN ACT TO AMEND THE INCOME TAX ACT
(NO. 2)
(Assented to December 14, 1999)

Analysis

1. S.4(8) Amdt.
Individual tax

2. S.4.1 R&S
Surtax

Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:

RSN1990 cI-1

1. (1) Paragraph 4(8)(s) of the Income Tax Act is amended by striking out the word "and".

(2) Paragraph 4(8)(t) of the Act is repealed and the following substituted:

(t) 69% in respect of the 1993 to 1999 taxation years; and

(u) 62% in respect of the 2000 taxation year.

2. Section 4.1 of the Act is repealed and the following substituted:

Surtax

4.1 (1) In addition to the income tax payable by an individual for the taxation year computed in accordance with section 4, every individual shall pay a personal income surtax in respect of the 1996 to 1999 taxation years equal to 10% of the amount by which the tax computed under section 4 for the taxation year exceeds $7,900, before deductions authorized under sections 8, 10 and 10.1.

(2) In addition to the income tax payable by an individual for the taxation year computed in accordance with section 4, every individual shall pay a personal income surtax in respect of the 2000 taxation year equal to

(a) 6% of the amount by which the tax computed under section 4 for the taxation year exceeds $250, before deductions authorized under sections 8, 10 and 10.1; and

(b) 10% of the amount by which the tax computed under section 4 for the taxation year exceeds $7,050, before deductions authorized under sections 8, 10 and 10.1.