I-3 - Taxation Act

Section 1029.8.36.104 Disposition versions

2009-05-15

1029.8.36.104. (Repealed).

1999, c. 86, s. 85; 2003, c. 9, s. 327; 2009, c. 5, s. 455.

2006-03-01

1029.8.36.104. A corporation operating an international financial centre in a taxation year that carries out a qualified international financial transaction in that year and encloses the prescribed form containing the prescribed information with the fiscal return the corporation is required to file for the year under section 1000 is deemed, subject to the second paragraph, to have paid to the Minister on the corporation’s balance-due day for the year, on account of its tax payable for that year under this Part, an amount equal to the lesser of

(a)  50% of the amount by which

i.  the aggregate of all amounts each of which is a qualified solicitation expenditure of the corporation for the year or either of the two preceding taxation years, exceeds

ii.  200% of the amount by which the aggregate of all amounts each of which is the amount that the corporation is deemed to have paid to the Minister under this section for either of the two preceding taxation years referred to in subparagraph i exceeds the aggregate of all amounts each of which is the amount that the corporation would have been deemed to have paid to the Minister under this section for one of those two preceding taxation years if no qualified solicitation expenditure of the corporation for those two preceding taxation years and no repayment under section 1029.8.36.111 related to such qualified solicitation expenditure of the corporation had been taken into account;

(b)  25% of the aggregate of all amounts each of which is the corporation’s qualified gross revenue for the year, from a qualified international financial transaction; and

(c)  subject to section 1029.8.36.106, $75,000.

For the purpose of computing the payments that a corporation referred to in the first paragraph is required to make under subparagraph a of the first paragraph of section 1027, or any of sections 1145, 1159.7, 1175 and 1175.19 where they refer to that subparagraph a, the corporation is deemed to have paid to the Minister, on account of the aggregate of its tax payable for the year under this Part and of its tax payable for the year under Parts IV, IV.1, VI and VI.1, on the date on or before which each payment is required to be made, an amount equal to the lesser of

(a)  the amount by which the amount determined under the first paragraph for the year exceeds the aggregate of all amounts each of which is the portion of that amount that may reasonably be considered to be deemed to have been paid to the Minister under this paragraph in the year but before that date; and

(b)  the amount by which the amount of that payment, determined without reference to this chapter, exceeds the aggregate of all amounts each of which is an amount that is deemed, under this chapter but otherwise than under the first paragraph, to have been paid to the Minister on that date, for the purpose of computing that payment.

1999, c. 86, s. 85; 2003, c. 9, s. 327.