This is an official version. Copyright © 2007: Queen's Printer, Important Information
Newfoundland
and Labrador
Personal Income Tax Indexation Regulations (Filed Under the authority of section 6.1 and section 68 of the Income Tax Act, 2000 the Lieutenant-Governor in Council makes the following regulations. Dated at Gary Norris REGULATIONS Analysis 1. Short title 2. Definitions 3. Indexation 2007 4. Indexation 2008 5. Consumer price index 6. Commencement Short title 1. These regulations may be cited as the Personal Income Tax Indexation Regulations. Definitions 2. In these regulations "Act" means the Income Tax Act, 2000. Indexation 2007 3. For
the purpose of subparagraph 6.1(1)(b)(ii) of the Act the consumer price index
amount shall be calculated for the period and using the formula as follows:
(A/B-1) X 0.5 where A
is the consumer price index for the 12
month period ending B is the consumer price index for the 12 month period preceding the period referred to in the description of A. Indexation 2008 4. For
the purposes of subparagraph 6.1(2)(b)(ii) of the Act the consumer price index
amount shall be calculated for the period and using the formula as follows:
(A/B-1) where A is the consumer price index for the 12 month
period ending September 30 before the taxation year, and B is the consumer price index for the 12 month period preceding the period referred to in the description of A. Consumer price
index 5. In
these regulations, the consumer price index for any 12 month period is the
result arrived at by (a) aggregating
the consumer price index, as defined in the Act, for each month in that period; (b) dividing the aggregate obtained under paragraph
(a) by twelve; and (c) rounding the result obtained under paragraph
(b) to the nearest one-thousandth or, where the result obtained is equidistant
from two consecutive one-thousandths, to the higher of those numbers. Commencement 6. These regulations are considered to have come
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