28

 


First Session, 46th General Assembly

57 Elizabeth II, 2008

BILL 28

AN ACT TO AMEND THE RETAIL SALES TAX ACT AND
THE TAX AGREEMENT ACT

Received and Read the First Time...................................................................................................

Second Reading.................................................................................................................................

Committee............................................................................................................................................

Third Reading.....................................................................................................................................

Royal Assent......................................................................................................................................

HONOURABLE THOMAS W. MARSHALL, Q.C.

Minister of Finance and President of Treasury Board

Ordered to be printed by the Honourable House of Assembly

 

 

EXPLANATORY NOTES

This Bill would amend the Retail Sales Tax Act to eliminate retail sales tax on insurance premiums.

Clause 1 of the Bill would delete definitions contained in section 2 of the Act which are no longer required.

In clause 2 of the Bill, section 16 of the Act respecting tax on insurance premiums would be repealed.

Clauses 3 and 4 of the Bill are changes required to the Act consequential to the proposed repeal of section 16.  Clause 3 of the Bill repeals record-keeping requirements related to the imposition of retail sales tax on insurance premiums, and clause 4 of the Bill repeals the regulation-making power around exemptions from the application of section 16.

The amendment contained in clause 5 of the Bill would repeal a reference in the Tax Agreement Act to the imposition of tax on insurance premiums which would no longer be required upon the repeal of section 16 of the Retail Sales Tax Act.

Clause 6 of the Bill is a commencement clause which would make the changes proposed in the Bill effective as of January 1, 2008.

A BILL

AN ACT TO AMEND THE RETAIL SALES TAX ACT AND THE TAX AGREEMENT ACT

Analysis


              RETAIL SALES TAX ACT

        1.   S.2 Amdt.
Definitions

        2.   S.16 Rep.
Tax on insurance premiums

        3.   S.28 Amdt.
Required books of sellers

        4.   S.52 Amdt.
Regulations

              TAX AGREEMENT ACT

        5.   S.5 Amdt.
Non-application of section 4

 

        6.   Commencement

 

 


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

RETAIL SALES TAX ACT

RSNL1990 cR-15 as amended

        1. Paragraphs 2(d), (f), (g), (h), (k) and (l) of the Retail Sales Tax Act are repealed.

 

        2. Section 16 of the Act is repealed.

 

        3. Subsection 28(3) of the Act is repealed.

 

        4. Paragraph 52(1)(i) of the Act is repealed.

TAX AGREEMENT ACT

SNL1996 cT-0.01 as amended

        5. Paragraph 5(1)(b) of the Tax Agreement Act is repealed.

 

Commencement

        6. This Act shall be considered to have come into force on January 1, 2008.