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28 |
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First
Session, 46th General Assembly 57
Elizabeth II, 2008 |
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AN ACT TO AMEND THE
RETAIL SALES TAX ACT |
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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
THOMAS W. MARSHALL, Q.C. Minister of Finance and President of Treasury Board |
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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 In clause 2 of the Bill, section 16 of the Act respecting tax on insurance premiums would be repealed.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 |
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. 2.
S.16 Rep. 3.
S.28 Amdt. 4.
S.52 Amdt. TAX AGREEMENT ACT 5. S.5 Amdt. 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 ŠEarl G. Tucker, Queen's Printer |