Statutes of Newfoundland and Labrador 2003 Chapter 7

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Statutes of Newfoundland and Labrador 2003

Statutes of Newfoundland and Labrador 2003 Chapter 7 CHAPTER 7

AN ACT TO AMEND THE HEALTH AND POST-SECONDARY EDUCATION TAX ACT
(Assented to May 15, 2003)

Analysis

1. S.3(1) Amdt.
Imposition of tax

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

RSNL1990 cH-1
as amended

1. (1) Subsection 3(1) of the Health and Post-Secondary Education Tax Act is amended by adding immediately after paragraph (a) the following:

(a.1) "exemption threshold" means

(i) with respect to remuneration paid that is $600,000 or less, $600,000,

(ii) with respect to remuneration paid that is more than $600,000 but less than $700,000, $600,000 minus (remuneration - $600,000), and

(iii) with respect to remuneration paid that is $700,000 or more, $500,000;

(2) Subparagraph 3(1)(d)(i) is repealed and the following substituted:

(i) with respect to the taxation year beginning on January 1, 2003, remuneration less the exemption threshold, or