Bill 111 (Legislature 17, Session 1)

L17 S1 5092

Alberta — Bills

1972 BILL 111 ~~lU Session, 17th Legislature, 21 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL The Alberta Income Tax Amendment Act, 1972 (No.2) THE PROVINCIAL TREASURER First Reading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Second Reading . Third Reading ... ~=~=================================== Printed b)r the QUEEN'S PRINTER for the Province of ALberta, EDMONTON Bill BILL 111 THE ALBERTA INCO'ME TAX AMENDMENT ACT, 1972 (NO.2) (Assented to . 1972) HER lVIAJESTY, by a:nd with the advice and consent of the Legislative Assembly of Alberta, enacts as fo1lows: 1. The Alberta Income Tax Act is hereby amended.

Section 5, subsection (3), clause (

a) is amended by striking out the words "10 per cent" and by substituting the words "11 per cent". 3. This Act comes into force on the day upon which it is assented to and upon so coming into force shall be deemed to have been in force at all times on and after January 1, 1972 and shall apply to the and subsequent taxation years. Explanatory Noias I. This Bill amends

chapter of the Revised Statutes of Alberta 1970. 2. The amendment corrects an error made in the enactment of this provision in The Alberta Income Tax Amendment Act, 1972 passed at the spring sitting.

Section 5(3) (

a) presently reads:

(3) Where the income for a taxation year of a corporation that maintained a permanent establishment in Alberta at any time in the taxation year includes income described in

section 126, :subsection (1), paragraph (ib), subparagraph (.

i) of the federal Act from sources in a country .other than Canada (in this se-ction referred to a:s' "foreign investment income") and where the corporation has -claimed a de duction under sec'tion 126, subsection (1) .of the federal Act in respect of the f,oreign ,investment income, the cDrporation may deduct frDm the tax fDr the year otherwise payable under this Act an amount equal to the lesser .of (a) 10 per cent of the product of (

i) the foreign investment in-come of the -corporation fDr the year from sources in the country, and (ii) that proportion of the taxable income earned in the year by the corporation that is determined to have been earned in the year in Alberta in accordance with regulations made under

section 124, subsectiDn (4), paragraph (

a) of the federal Act, or Title: 1972 (17th, 1st) Bill 111, The Alberta Income Tax Amendment Act, 1972 (No. 2)

Document details

Collection	Alberta — Bills
Citation	L17 S1 5092
Type	bill
Volume / chapter	L17 S1 5092
Language	en
Format	json
Source	PROVINCIAL
Identifier	4b9dc34652fdf3568d9b43794eb0feba8b6ef227

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