Statutes of Newfoundland and Labrador 2003 Chapter 4

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Statutes of Newfoundland and Labrador 2003

Statutes of Newfoundland and Labrador 2003 Chapter 4 CHAPTER 4

AN ACT TO AMEND THE INCOME
TAX ACT, 2000
(Assented to May 15, 2003)

Analysis

1. Ss.41(3) & (4) Added
Manufacturing and processing profits deduction

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

SNL2000 cI-1.1
as amended

1. Section 41 of the Income Tax Act, 2000 is amended by adding immediately after subsection (2) the following:

(3) Notwithstanding subsections (1) and (2), no deduction may be made under this section unless the corporation has engaged in manufacturing or processing in the taxation year from a permanent establishment in the province.

(4) Subsection (3) is considered to have come into force on April 1, 2003 and applies to a corporation in respect of the corporation's taxation year ending after March 31, 2003 and subsequent taxation years.