NLR 121/07 - Personal Income Tax Indexation Regulations under the Income Tax Act, 2000
AI-assisted research summary: These regulations set rules for calculating personal income tax indexation and defining the consumer price index used for that calculation.
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 1. Short title 2. Definitions 3. Indexation 2007 4. Indexation 2008 5. Consumer price index 6. Commencement Short title 1. These regulations may be cited as the Personal Income Tax Indexation Regulations . Back to Top Definitions 2. In these regulations "Act" means the Income Tax Act, 2000 . Back to Top 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. Back to Top 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. Back to Top 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. Back to Top Commencement 6. These regulations are considered to have come into force on January 1, 2007 . ©Earl G. Tucker, Queen's Printer