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Consolidated Newfoundland Regulation 1996
Companies Tax Regulations
Under the authority of section 17.1 of the Insurance Companies Tax Act and the Subordinate Legislation Revision and Consolidation Act, the Lieutenant‑Governor in Council makes the following regulations.
1. Short title
2. Refund of overpayment
3. Interest on refund
4. Interest on sum due
1. These regulations may be cited as the Insurance Companies Tax Regulations.
Refund of overpayment
2. (1) Where a company has paid to the Crown an amount which exceeds the amount required to be paid, he or she may apply in writing to the minister for a refund of the overpayment.
(2) An application for refund shall be supported by the relevant facts, documentation or information that the minister may request.
(3) Upon verification of an application for refund, the minister shall pay the verified amount of overpayment to the company to whom the refund is due.
(4) A refund shall not be paid under this section if the amount of refund is less than $10.
Interest on refund
3. (1) Where the minister issues a refund under section 2, he or she shall, at the same time, pay interest on the amount of the refund at the rate of 0.7% compounded per month from the date the application is received to the date the refund is approved.
(2) Where the minister issues a refund of tax resulting from a review or appeal of an assessment, interest shall be paid to the company at the rate specified in subsection (1) from the date that the assessment or part of the assessment was paid to the date the refund is approved.
(3) Interest shall not be paid under this section when the amount of refund is less than $100.
Interest on sum due
4. (1) Interest shall be levied upon any sum due at the rate of 1.2% compounded per month or part of a month from the date the sum is required to be paid to the date of payment.
(2) Interest shall not be levied for a month in which the sum due is less than $100.
5. The Insurance Companies Tax Regulations, 1993, Newfoundland Regulation 118/93, are repealed.
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