2012 Bill 5

	5


First Session, 47th General Assembly 61 Elizabeth II, 2012
BILL 5
AN ACT TO AMEND THE REVENUE ADMINISTRATION 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 Revenue Administration Act to

· specify the retail sales tax rate to be applied to used vehicles brought into the province; and

· remove a valuation provision that previously only applied to tangible personal property and is not the correct valuation provision to be applied to used vehicles.

A BILL

AN ACT TO AMEND THE REVENUE ADMINISTRATION ACT

Analysis

1. S.88 Amdt.
Tax

2. S.90 R&S
Valuation

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

SNL2009 cR-15.01
as amended

1. Subsection 88(2) of the Revenue Administration Act is repealed and the following substituted:

(2) A person who brings into or receives delivery of a used vehicle in the province where that vehicle was acquired from a person who is not an HST registrant is liable for and shall pay at the time the vehicle enters the province tax at the rate of 14% of the purchase price of the vehicle.

2. Section 90 of the Act is repealed and the following substituted:

Valuation

90. Where a consumer acquires a vehicle from a person who is not an HST registrant, the purchase price on which tax is required to be paid under this Act is the amount determined by the valuation system prescribed by regulation.