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Copyright © 2003: Queens Printer,
Statutes of Newfoundland and Labrador 2003
AN ACT TO AMEND THE INCOME
(Assented to May 15, 2003)
1. Ss.41(3) & (4) Added
Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:
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.
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