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Second
Session, 50th General Assembly 1 Charles III, 2023 |
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AN ACT TO AMEND THE
REVENUE ADMINISTRATION ACT AND AN ACT TO AMEND THE INCOME TAX ACT, 2000 |
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Received and Read the First Time................................................................ |
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Second
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Committee..................................................................................................... |
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Third
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Royal Assent................................................................................................. |
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HONOURABLE SIOBHAN COADY Minister of Finance and President of Treasury Board |
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Ordered to be printed by
the Honourable House of Assembly |
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EXPLANATORY NOTES This Bill would amend the Revenue Administration Act to · remove the tax on carbon products; and · increase the provincial payroll tax exemption threshold to $2,000,000. This Bill would amend the Income Tax Act, 2000 to · increase the tax credit rate for the physical activity tax credit from 8.7% to 17.4%. A BILL AN ACT TO AMEND THE REVENUE ADMINISTRATION ACT AND AN ACT TO AMEND THE INCOME TAX ACT, 2000 Analysis REVENUE ADMINISTRATION ACT 1.
S.2 Amdt. 2.
S.5 Amdt. 3.
S.9 Amdt. 4.
S.30 Amdt. 5.
S.32 Amdt. 6.
S.37 Amdt. 7.
S.38 Amdt. 8.
S.39 Amdt. 9.
S.40 Amdt. 10.
S.41 Amdt. 11.
S.56 Amdt. 12.
S.57 R&S 13.
Part III.1 Rep. 14.
Part III.2 Heading Amdt. 15.
S.72.11 Amdt. 16.
S.72.13 Amdt. 17.
S.72.15 Amdt. 18.
S.108.1 Rep. 19.
S.108.2 Amdt. INCOME TAX ACT, 2000 20.
S.17.5 Amdt. 21. Commencement Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows: REVENUE ADMINISTRATION ACT SNL2009 cR-15.01 1. (1) Paragraph 2(h.1) of the Revenue Administration Act is repealed. (2) Paragraph 2(o.1) of the Act is repealed. (3) Paragraph 2(w) of the Act is repealed and the following substituted: (w) "exemption threshold" means, with respect to remuneration paid, $2,000,000; (4) Paragraph 2(aa) of the Act is amended by
deleting the words "except in Part III.1". (5) Paragraph 2(yy) of the Act is amended by deleting the words "or a carbon product". (6) Subparagraph 2(kkk)(iii) of the Act is amended by (a) deleting the words "or a carbon product"; and (b) deleting the words "or carbon product". (7) Subparagraph 2(mmm)(ii) of the Act is amended by deleting the words "or a carbon product" wherever they appear. (8) Paragraph 2(nnn) of the Act is amended by deleting the words "a carbon product". (9) Paragraph 2(ooo.1) of the Act is repealed. (10) Paragraph 2(sss.1) of the Act is repealed. (11) Subparagraph 2(yyy)(i) of the Act is amended by (a) deleting the references "Parts III, III.1 and III.2" and substituting the references "Parts III and III.2"; and (b) deleting the words "or a carbon product". 2. Subsection 5(1) of the Act is amended by deleting the references "Parts III, III.1, VIII, IX, IX.1 and IX.2" and substituting the references "Parts III, VIII, IX, IX.1 and IX.2". 3. (1) Paragraph 9(2)(a) of the Act is amended by deleting the words "or carbon products". (2) Paragraph 9(2)(c) of the Act is amended by deleting the words "and tax-exempt carbon products". 4. Section 30 of the Act is amended by deleting the words "or a carbon product" wherever they appear. 5. Subsection 32(2) of the Act is amended by deleting the words "or a carbon product" wherever they appear. 6. Subsection 37(1) of the Act is amended by deleting the references "Parts III, III.1, III.2 and IX" and substituting the references "Parts III, III.2 and IX". 7. (1) Subsection 38(1) of the Act is amended by deleting the references "Parts III, III.1, III.2 and IX" and substituting the references "Parts III, III.2 and IX". (2) Subsection 38(2) of the Act is amended by deleting the references "Parts III, III.1, III.2 and IX" and substituting the references "Parts III, III.2 and IX". 8. Subsection 39(1) of the Act is repealed and the following substituted: Determination of compliance – Parts III & III.2 39. (1)
An inspector may, at all reasonable times, for a
purpose related to the administration or enforcement of Part III or III.2 and
any regulations made under those Parts, inspect or examine the premises,
processes, books and records of a person that the inspector may consider
relevant for the purpose of determining compliance with those Parts, and the
inspector may, without a warrant, (a) enter any premises
where (i) a business is carried on, (ii) any property, or books and records are or may be kept, or (iii) anything is or is
suspected by the inspector of being done or stored in connection with a tax
imposed under this Act; (b) make copies,
extracts, photographs or videos the inspector considers necessary; (c) require the owner or
person in charge of a premises to give the inspector all reasonable assistance,
including the production of books and records as requested by the inspector,
and to answer all proper questions relating to the administration or
enforcement of Part III or III.2 and any regulations made under those Parts
and, for that purpose, require the owner or person in charge to attend at the premises
with the inspector; and (d) require the owner or person in charge to make available the means to generate and manipulate books and records that are in machine readable or electronic form and any other means or information necessary for the inspector to assess the books and records. 9. Subsection 40(1) of the Act is repealed and the following substituted: Samples 40. (1)
Where it is reasonably necessary for the purpose of
ensuring compliance with Part III and any regulations made under that Part, an
inspector may, at reasonable times, without a warrant, (a) inspect the contents of a tank containing gasoline including the supply tank of an internal combustion engine; and (b) for the purpose of analysis, take a sample of gasoline not exceeding the quantity prescribed in the regulations. 10. (1) Subsection 41(1) of the Act is amended by (a) deleting the references "Part III, III.1 or III.2" and substituting the references "Part III or III.2"; and (b) deleting the words "or a carbon product" wherever they appear. (2) Subsection 41(2) of the Act is amended by (a) deleting the words "or a carbon product"; and (b) deleting the words "or carbon product". 11. (1) Subsection 56(1) of the Act is amended by repealing the description of "tr" and substituting the following: tr = the tax rate per litre of diesel fuel grade of gasoline set out in section 51. (2) Subsections 56(1.1) and (1.2) of the Act are repealed. (3) Subsection 56(2) of the Act is amended by (a) deleting the references "subsections (1) and (1.2)" and substituting the reference "subsection (1)"; and (b) deleting the reference "and subsection (1.1)". (4) Subsection 56(3) of the Act is amended by deleting the reference "and (1.2)". (5) Subsection 56(4) of the Act is amended by deleting the reference "and (1.2)". 12. Section 57 of the Act is repealed and the following substituted: No double tax 57. Sections 51 to 56 do not authorize the imposition of a tax under this Act more than once upon the same gasoline. 13. Part III.1 of the Act is repealed. 14. The Act is amended by repealing the heading "PART III.2 LICENCES RE: GASOLINE AND CARBON PRODUCTS" and substituting the following: PART III.2 15. Subsection 72.11(1) of the Act is amended by deleting the words "or a carbon product" wherever they appear. 16. Paragraph 72.13(b) of the Act is amended by (a) deleting the words "or carbon product"; and (b) deleting the words "or a carbon product". 17. Section 72.15 of the Act is amended by deleting the words "or a carbon product". 18. Section 108.1 of the Act is repealed. 19. Paragraph 108.2(d) of the Act is amended by deleting the words "or a carbon product". INCOME TAX ACT, 2000 SNL2000 cI-1.1 20. Subsection 17.5(2) of the Income Tax Act, 2000 is repealed and the following substituted: (2) An individual who (a) is resident in the
province at the end of the taxation year; (b) files a return of
income for the taxation year; and (c) makes a claim under
this section is considered to have paid, at the end of the year, on
account of tax payable under this Part for the year, an amount equal to the
amount determined by the formula A x B where A is 17.4%; B is the total of all amounts each of which is, in respect of an individual for the year, the lesser of $2,000 and the amount determined by the formula C - D where C is the total of all amounts each of which is an amount paid in the taxation year by the individual or by the individual's spouse or common-law partner that is an eligible fitness expense in respect of (i) the individual or the individual's spouse or common-law partner, or (ii) a child of the
individual or child of the individual's spouse or common-law partner, if the
child was less than 18 years of age at the end of the taxation year; and D is the total of all amounts that any individual is or was
entitled to receive, each of which relates to an amount included in computing
the value of C in respect of the individual that is the amount of a
reimbursement, allowance or any other form of assistance, other than an amount
that is included in computing the income for any taxation year of that
individual and that is not deductible in computing the taxable income of that
individual. Commencement 21. (1) This Act, except subsection 1(3) and section 20, comes into force on July 1, 2023. (2) Subsection 1(3) and section 20 of this Act are considered to have come into force on January 1, 2023. ©King's Printer |