CNLR 30/96 - Taxation of Utilities and Cable Television Companies Regulations under the Taxation of Utilities and Cable Television Companies Act

CONSOLIDATED NEWFOUNDLAND AND LABRADOR REGULATION 30/96 Taxation of Utilities and Cable Television Companies Regulations under the Taxation of Utilities and Cable Television Companies Act (O.C. 96-205) Amended by: 81/12 CONSOLIDATED NEWFOUNDLAND AND LABRADOR REGULATION 30/96 Taxation of Utilities and Cable Television Companies Regulations under the Taxation of Utilities and Cable Television Companies Act (O.C. 96-205) Under the authority of section 9 of the Taxation of Utilities and Cable Television Companies Act and the Subordinate Legislation Revision and Consolidation Act, the Lieutenant-Governor in Council makes the following regulations. REGULATIONS Analysis 1. Short title 2. Rate of tax 3. Interest 4. Record keeping requirements 5. Taxation particulars 6. Repeal Short title 1. These regulations may be cited as the Taxation of Utilities and Cable Television Companies Regulations. 32/94 s1 Back to Top Rate of tax 2. (1) The rate of tax imposed under subsection 6(1) of the Act for a cable television company shall be 0%. (2) The rate of tax imposed under subsection 6(1) for a utility other than a cable television operator shall be (a) for 1993, 1/3 of 2.5%; (b) for 1994, 2/3 of 2.5%; and (c) for 1995 and subsequent years, 2.5%. (3) For the calendar year 1993, the tax payable under subsection 6(1) shall be remitted not later than February 1, 1994. (4) For years subsequent to 1993 the tax imposed under subsection 6(1) of the Act shall be remitted at the time required for submission of the statement of gross revenue under subsection 6(2) of the Act. 32/94 s2 Back to Top Interest 3. (1) Interest shall be levied upon a sum due under section 6 of the Act for each month or part of a month from the date the sum is required to be paid to the date of payment. (2) For the purpose of subsection (1), the annual rate of interest with respect to unpaid tax is the rate equal to the sum of (a) the prime lending rate of the bank holding the provinces general revenue fund as determined and adjusted in accordance with this section; and (b) 4 percentage points. (3) Interest calculated under subsection (2) shall be compounded monthly. (4) The interest rate prescribed by this section shall be determined on June 15 and December 15 in each year and (a) the interest rate as determined on June 15 shall apply to unpaid tax that is owing after June 30; and (b) the interest rate as determined on December 15 shall apply to unpaid tax that is owing after December 31. (5) Interest shall not be levied for a month in which the sum due is less than $100. 81/12 s1 Back to Top Record keeping requirements 4. Each utility and cable television company shall keep books of account, records and documents showing (a) the gross revenue derived in each municipality that is served by the utility or cable television company; (b) the gross revenue derived in unincorporated areas which are served by the utility or cable television company; (c) the amount of tax payable to a municipality or the Crown; (d) the amount of tax collected on behalf of each municipality which imposes a tax under section 7 of the Act; (e) the accounting for the tax; and (f) other accounts, records or documents that the Minister of Finance may direct. 32/94 s4 Back to Top Taxation particulars 5. (1) Where a council imposes a tax under the Act, the provisions of the Municipalities Act , the City of Corner Brook Act , the City of Mount Pearl Act and the St. John's Assessment Act apply with respect to the means of imposition of the tax rate, the method and time of remittance of tax payable and the rate of interest imposed on overdue taxes. (2) Notwithstanding subsection (1), the reporting periods with respect to taxes collected by a utility which are imposed under section 7 of the Act shall be (a) January 1 to June 30; and (b) July 1 to December 31. (3) A utility shall file a return for each of the reporting periods specified in subsection (2) not later than the 20th of the month following the reporting period. (4) A return filed under subsection (3) shall be accompanied by the tax payable for the reporting period. 32/94 s5 Back to Top Repeal 6. The Taxation of Utilities and Cable Television Companies Regulations, Newfoundland Regulation 32/94, are repealed. ©Earl G. Tucker, Queen's Printer