NEWFOUNDLAND
AND
LABRADOR
REGULATION 121/07
Personal Income Tax Indexation Regulations
under the
Income Tax Act, 2000
(O.C. 2007-479)
(Filed
December 5, 2007
)
Under the authority of section 6.1 and section 68 of the Income Tax Act, 2000
the Lieutenant-Governor in Council makes the following regulations.
Dated at
St. Johns
,
December 3, 2007
.
Gary Norris
Clerk of the Executive Council
REGULATIONS
Analysis
Short title
1.
These regulations may be cited as the Personal Income Tax
Indexation Regulations
.
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Definitions
2.
In these regulations "Act" means the Income Tax Act, 2000
.
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Indexation 2007
3.
For the purpose of subparagraph 6.1(1)(b)(ii) of the Act the consumer price index amount shall be calculated for the period and using the formula as follows: (A/B-1) X 0.5 where
A
is the consumer price index for the 12 month period ending
September 30, 2006
, and
B
is the consumer price index for the 12 month period preceding the period referred to in the description of A.
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Indexation 2008
4.
For the purposes of subparagraph 6.1(2)(b)(ii) of the Act the consumer price index amount shall be calculated for the period and using the formula as follows: (A/B-1) where
A
is the consumer price index for the 12 month period ending September 30 before the taxation year, and
B
is the consumer price index for the 12 month period preceding the period referred to in the description of A.
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Consumer price index
5.
In these regulations, the consumer price index for any 12 month period is the result arrived at by
(a)
aggregating the consumer price index, as defined in the Act, for each month in that period;
(b)
dividing the aggregate obtained under paragraph (a) by twelve; and
(c)
rounding the result obtained under paragraph (b) to the nearest one-thousandth or, where the result obtained is equidistant from two consecutive one-thousandths, to the higher of those numbers.
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Commencement
6.
These regulations are considered to have come into force on
January 1, 2007
.
©Earl G. Tucker, Queen's Printer