I-3 - Taxation Act

Section 1029.8.36.105 Disposition versions

2009-05-15

1029.8.36.105. (Repealed).

1999, c. 86, s. 85; 2003, c. 9, s. 328; 2009, c. 5, s. 455.

2006-03-01

1029.8.36.105. Where a partnership operating an international financial centre in a fiscal period carries out during that fiscal period a qualified international financial transaction, each taxpayer, other than a tax-exempt taxpayer, that is a member of the partnership at the end of that fiscal period and that encloses the prescribed form containing the prescribed information with the fiscal return the taxpayer is required to file under section 1000 for the taxpayer’s taxation year in which that fiscal period ends, is deemed, subject to the second paragraph, to have paid to the Minister on the taxpayer’s balance-due day for the year, on account of the taxpayer’s tax payable for the 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 the taxpayer’s share, for the fiscal period, of a qualified solicitation expenditure of the partnership for the fiscal period or either of the two preceding fiscal periods, exceeds

ii.  the taxpayer’s share, for the fiscal period, of 200% of the amount by which the aggregate of all amounts each of which is an amount that a member of the partnership at the end of either of the two preceding fiscal periods referred to in subparagraph i is deemed to have paid to the Minister under this section, in relation to that preceding fiscal period for the member’s taxation year in which the fiscal period ends exceeds the aggregate of all amounts each of which is the amount that a member of the partnership at the end of either of the two preceding fiscal periods referred to in subparagraph i would have been deemed to have paid to the Minister under this section in relation to the preceding fiscal period for the member’s taxation year in which the fiscal period ends if no qualified solicitation expenditure of the partnership for those two preceding fiscal periods and no repayment under section 1029.8.36.112 or 1029.8.36.113 related to such qualified solicitation expenditure of the partnership had been taken into account;

(b)  25% of the aggregate of all amounts each of which is the taxpayer’s share, for the fiscal period, of the partnership’s qualified gross revenue for the fiscal period from a qualified international financial transaction; and

(c)  subject to section 1029.8.36.106, the taxpayer’s share, for the fiscal period, of $75,000.

For the purpose of computing the payments that a taxpayer referred to in the first paragraph is required to make under section 1025 or 1026, 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, for the taxpayer’s taxation year in which the fiscal period of the partnership ends, the taxpayer is deemed to have paid to the Minister, on account of the aggregate of the taxpayer’s tax payable for the year under this Part and of the taxpayer’s 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. 328.