Statutes of Newfoundland 1996 Chapter 4

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Statutes of Newfoundland 1996

CHAPTER 4 CHAPTER 4

AN ACT TO AMEND THE FINANCIAL
CORPORATIONS CAPITAL TAX ACT
(Assented to June 18, 1996)

Analysis

1. S.9 R&S
Rate of tax

2. S.19(4) R&S
Payments

3. Commencement

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

RSN1990 cF-9

1. Section 9 of the Financial Corporations Capital Tax Act is repealed and the following substituted:

Rate of tax

9. (1) The tax payable by a corporation is 4% of its amount taxable.

(2) Notwithstanding subsection (1), where a corporation's fiscal year ends after May 31, 1996 and before June 1, 1997, the tax payable for that fiscal year shall be the aggregate of

(a) 3% times its amount taxable times the number of months in the fiscal year before June 1, 1996 divided by 12; and

(b) 4% times its amount taxable times the number of months in the fiscal year after May 31, 1996 divided by 12.

2. Subsection 19(4) of the Act is repealed and the following substituted:

(4) Notwithstanding subsection (2), where a corporation has a fiscal year ending after May 31, 1996 and before June 1, 1997, the instalment payable each month shall be, where the last day of a month occurs

(a) prior to June 1, 1996, 1/12 times 3% of the amount taxable, as estimated by the corporation; and

(b) after May 31, 1996, 1/12 times 4% of the amount taxable, as estimated by the corporation.

Commencement

3. This Act is considered to have come into force on June 1, 1996.