Statutes of Newfoundland 1993 Chapter 27

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Statutes of Newfoundland 1993

CHAPTER 27 CHAPTER 27

AN ACT TO AMEND THE FINANCIAL
CORPORATIONS CAPITAL TAX ACT
(Assented to June 18, 1993)

Analysis

1. S.6 Amdt.
Paid-up capital

2. Commencement

Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:

RSN 1990 cF-9 as amended

1. (1) Subsection 6(1) of the Financial Corporations Capital Tax Act is amended by striking out the comma and the word and figure "less $500,000".

(2) Subsection 6(2) of the Act is amended by striking out the word and figure "less $500,000".

(3) Section 6 is further amended by adding immediately after subsection (2) the following:

(3) For the purpose of subsection (1) or (2), where the aggregate paid-up capital of a corporation is $10 million or less, the taxable paid-up capital of that corporation is its aggregate paid-up capital less $5 million.

Commencement

2. This Act shall be considered to have come into force on November 1, 1992 but shall not apply to a corporation until the beginning of its next fiscal year after October 31, 1992.