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Volume 45, No. 1

B.C. Reg. 7/2002

The British Columbia Gazette,

Part II

January 29, 2002

B.C. Reg. 7/2002, deposited January 25, 2002, pursuant to the

CORPORATION CAPITAL TAX ACT [Section 48]. Order in Council 36/2002, approved and ordered January 24, 2002.

On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that the Corporation Capital Tax Regulation, B.C. Reg. 79/96, is amended

(

a) in

section 1 (1) by striking out the definition of "gross revenue" and substituting the following:

"gross revenue" means the aggregate of

(

a) all amounts received in a taxation year or receivable in a taxation year, depending on the method regularly followed by the corporation in computing its profit or loss, otherwise than as or on account of capital, and

(

b) if applicable, the amounts, determined under

section 16 (2) (a), from its partnership operations. ,

(

b) in

section 1 (1) by adding the following definition:

"salaries and wages" includes, if applicable, the amounts determined under

section 16 (2) (

b) from the corporation's partnership operations; , and

(

c) in

section 16 (2) by striking out "and" at the end of paragraph (a), by adding "and" at the end of paragraph (b), and by adding the following paragraph:

(

c) for the purposes of paragraphs (

a) and (b), if there is no taxation year end of the partnership operations that falls within the taxation year of the corporation, then the taxation year end of the partnership operations is the taxation year end of the partnership operations immediately preceding the taxation year of the corporation. — G. COLLINS, Minister of Finance; G. CAMPBELL, Presiding Member of the Executive Council.

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