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Copyright © 2012: Queen's Printer,
St. John's, Newfoundland and Labrador, Canada

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Newfoundland and Labrador
Regulation 2012


NEWFOUNDLAND AND LABRADOR REGULATION 81/12

NEWFOUNDLAND AND LABRADOR
REGULATION 81/12

Taxation of Utilities and Cable Television Companies Regulations (Amendment)
under the
Taxation of Utilities and Cable Television Companies Act
(O.C. 2012-231)

(Filed September 25, 2012)

Under the authority of section 9 of the Taxation of Utilities and Cable Television Companies Act, the Lieutenant-Governor in Council makes the following regulations.

Dated at St. John's, September 19, 2012.

Robert Thompson
Clerk of the Executive Council

REGULATIONS

Analysis


        1.   S.3 R&S
Interest


CNLR 30/96
as amended

        1. Section 3 of the Taxation of Utilities and Cable Television Companies Regulations is repealed and the following substituted:

Interest

        3. (1) Interest shall be levied upon a sum due under section 6 of the Act for each month or part of a month from the date the sum is required to be paid to the date of payment.

             (2)  For the purpose of subsection (1), the annual rate of interest with respect to unpaid tax is the rate equal to the sum of

             (a)  the prime lending rate of the bank holding the province's general revenue fund as determined and adjusted in accordance with this section; and

             (b)  4 percentage points.

             (3)  Interest calculated under subsection (2) shall be compounded monthly.

             (4)  The interest rate prescribed by this section shall be determined on June 15 and December 15 in each year and

             (a)  the interest rate as determined on June 15 shall apply to unpaid tax that is owing after June 30; and

             (b)  the interest rate as determined on December 15 shall apply to unpaid tax that is owing after December 31.

             (5)  Interest shall not be levied for a month in which the sum due is less than $100.