Statutes of Newfoundland 1994 Chapter 10

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Statutes of Newfoundland 1994

CHAPTER 10 CHAPTER 10

AN ACT TO AMEND THE INCOME TAX ACT
(Assented to June 9, 1994)

Analysis

1. S.6 Amdt.
Corporation tax

2. S.6.1 Amdt.
Manufacturing and processing deduction

3. S.8(1)(a) Amdt.
Foreign tax credits

4. Commencement

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

RSN1990 cI-1 as amended

1. (1) Subsection 6(1) of the Income Tax Act is amended by striking out the figure "16" and substituting the figure "14".

(2) Subsection 6(2) of the Act is amended by striking out the figures "1992" and "1993" wherever they occur and substituting the figures "1994" and "1995" respectively.

(3) Paragraph 6(4)(b) of the Act is amended by striking out the figure "16" and substituting the figure "14".

2. (1) Subsection 6.1(1) of the Act is amended by striking out the figure "8.5" and substituting the figure "9".

(2) Subsection 6.1(3) of the Act is repealed and the following substituted:

(3) Where a corporation has a taxation year part of which is in 1994 and part of which is in 1995, for the purpose of this section the deduction from tax otherwise payable determined in subsection (1) shall be calculated as follows:

(a) by dividing the taxation year into 2 notional taxation years, the 1st ending on December 31, 1994 and the 2nd beginning on January 1, 1995; and

(b) by apportioning the amount deductible between the 2 notional taxation years proportionately according to the number of days in each,

and the sum of the amounts determined under paragraphs (a) and (b) is the total amount deductible in respect of that taxation year.

3. Paragraph 8(1)(a) of the Act is amended by striking out the figure "16" and substituting the figure "14".

Commencement

4. This Act is considered to have come into force on January 1, 1995.