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This is an official version. Copyright © 2000: Queen's Printer, Important Information
Statutes of Newfoundland 1993 CHAPTER 12 AN ACT TO AMEND THE TAXATION OF (Assented to June 18, 1993) Analysis 1. S.10 Amdt. 2. Commencement Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows: 1992 cT-0.1 1. (1) Subsection 10(2) of the Taxation of Utilities and Cable Television Companies Act is repealed and the following substituted: (2) Notwithstanding section 5, where a council imposed a business tax upon a utility for the year immediately preceding January 1, 1993 which was based upon the real property value of that utility within the city or municipality served by the council, and the actual tax imposed was an amount exceeding 2.5% of the gross revenue of the utility for the preceding year, the council shall (a) for the year commencing January 1, 1993, impose a tax upon the gross revenue of the utility for the preceding year derived within the city or municipality served by that council that is not more than 2.5% of that gross revenue plus 2/3 of the difference between the actual tax imposed upon the utility for the year immediately preceding January 1, 1993 and 2.5% of the gross revenue for the preceding year; (b) for the year commencing January 1, 1994, impose a tax upon the gross revenue of the utility for the preceding year derived within the city or municipality served by that council that is not more than 2.5% of that gross revenue plus 1/3 of the difference between the actual tax imposed upon the utility for the year immediately preceding January 1, 1993 and 2.5% of the gross revenue for the preceding year; and (c) commencing January 1, 1995 and each following year, impose a tax in accordance with section 5. (2) Paragraph 10(3)(c) of the Act is amended by deleting the word "may" and replacing it with the word "shall". (3) Section 10 of the Act is further amended by adding the following immediately after subsection (3): (4) Notwithstanding section 5, where a council imposed a business tax upon a utility as defined in subparagraph 2(h)(i) for the year immediately preceding January 1, 1993 which was based upon the real property value of that utility within the city or municipality served by the council and where the actual tax imposed was less than that which would be derived from the imposition of a rate of 2.5% of the gross revenue of that utility for the year immediately preceding January 1, 1993, that council (a) shall not for the year commencing January 1, 1993, impose a percentage of tax upon the gross revenue of that utility for the preceding year derived within the city or municipality served by that council which increases the actual tax imposed upon that utility by more than 1/3 of the difference between the actual tax imposed upon that utility for the year immediately preceding January 1, 1993 and the tax which would be derived from the imposition of a rate of 2.5% of the gross revenue of that utility for the preceding year; (b) shall not for the year commencing January 1, 1994, impose a percentage of tax upon the gross revenue of that utility for the preceding year derived within the city or municipality served by that council which increases the actual tax imposed upon that utility by more than 2/3 of the difference between the actual tax imposed upon that utility for the year immediately preceding January 1, 1993 and the tax which would be derived from the imposition of a rate of 2.5% of the gross revenue of that utility for the preceding year; and (c) shall for the year commencing January 1, 1995 impose a tax in accordance with section 5. Commencement 2. This Act is considered to have come into force on January 1, 1993. ©Earl G. Tucker, Queen's Printer |