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St. John's, Newfoundland and Labrador, Canada

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Newfoundland and Labrador
Regulation 2012


NEWFOUNDLAND AND LABRADOR REGULATION 60/12

NEWFOUNDLAND AND LABRADOR
REGULATION 60/12

Revenue Administration Regulations (Amendment)
under the
Revenue Administration Act
(O.C. 2012-198)

(Filed August 7, 2012)

Under the authority of sections 107, 108 and 111 of the Revenue Administration Act, the Lieutenant-Governor in Council makes the following regulations.

Dated at St. John’s, July 30, 2012.

Robert Thompson
Clerk of the Executive Council

REGULATIONS

Analysis


        1.   S.3 Amdt.
Tax returns

        2.   S.10 Amdt.
Interest on sum due

        3.   S.11 Amdt.
Interest on refund

        4.   S.20 Amdt.
Retail sales tax exemptions

        5.   S.29 Amdt.
Cancellation and suspension of permits

        6.   Commencement


NLR 73/11
as amended

        1. Section 3 of the Revenue Administration Regulations is amended by adding immediately after subsection (4) the following:

          (4.1)  Notwithstanding subsection (1), a utility liable to pay tax under section 6 of the Taxation of Utilities and Cable Television Companies Act shall file an annual tax return not later than March 1 of the following year together with payment of the tax.

 

        2. Section 10 of the regulations is amended by adding immediately after subsection (6) the following:

             (7)  Notwithstanding subsections (2), (3) and (4), the interest rate with respect to unpaid tax for the period from September 1, 2011 to December 31, 2011 is 1.2% compounded monthly.

 

        3. Section 11 of the regulations is amended by adding immediately after subsection (5) the following:

             (6)  Notwithstanding subsections (2) and (4), the interest rate with respect to a refund of an overpayment for the period from September 1, 2011 to December 31, 2011 is 0.7%.

             (7)  Notwithstanding subsection (3), where the minister issues a refund of a tax resulting from a review or appeal of an assessment for the period of September 1, 2011 to December 31, 2011, that interest shall be paid to the taxpayer at the rate of 0.7% from the date that the assessment or part of the assessment was paid to the date the refund is approved.

 

        4. Section 20 of the regulations is amended by adding immediately after paragraph (g) the following:

          (g.1)  a vehicle when sold or transferred by one or more natural persons to a corporation where

                      (i)  the corporation is incorporated at the request of one or more natural persons with the principal object of taking over an existing business, trade or occupation previously carried on by him or her,

                     (ii)  the title to the vehicle of the existing business, trade or occupation referred to in paragraph (i) is sold or transferred to the corporation by one or more natural persons within one year after the date of incorporation,

                    (iii)  the consideration for the sale or transfer of the vehicle and the other assets that the natural persons may sell or transfer to the corporation is the acquisition by the natural persons of ownership or control of not less than 75% of the issued share capital of the corporation,

                    (iv)  the natural persons, or any of them, retain control of not less than 75% of the issued share capital of the corporation for a period of not less than 2 years from the date of acquisition referred to in subparagraph (iii), and

                     (v)  upon the sale or transfer of the vehicle by the natural persons, the corporation deposits with the minister a sum of  money or provides him or her with a security bond or personal sureties for an amount of the tax that would, except for this paragraph, be payable by the corporation on the vehicle so sold or transferred, and the sum of money shall be returned to the corporation, or the bond or sureties shall be discharged upon the minister being satisfied that the conditions for the exemption from the tax as provided in this paragraph have been met;

 

        5. (1) Subsection 29(1) of the regulations is amended by deleting the “or” at the end of paragraph (a), deleting the period at the end of paragraph (b) and substituting a semi-colon and the word “or”,  and adding immediately after paragraph (b) the following:

             (c)  pays his or her permit fee by cheque or pre-authorized withdrawal and the cheque or withdrawal is dishonoured on the grounds that no funds or insufficient funds were available.

             (2)  Section 29 of the regulations is amended by adding immediately after subsection (2) the following:

             (3)  Where a permit is cancelled or suspended under paragraph (1)(c) the permit will be reinstated immediately upon payment of the permit fee.

Commencement

        6. Sections 1 to 4 are considered to have come into force on September 1, 2011.