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NEWFOUNDLAND

AND

LABRADOR

REGULATION 121/07

Personal Income Tax Indexation Regulations

under the

Income Tax Act, 2000

(O.C. 2007-479)

(Filed

December 5, 2007

Under the authority of

section 6.1 and

section 68 of the Income Tax Act, 2000

the Lieutenant-Governor in Council makes the following regulations.

Dated at

St. Johns

December 3, 2007

Gary Norris

Clerk of the Executive Council

REGULATIONS

Analysis

Short title

Definitions

Indexation 2007

Indexation 2008

Consumer price index

Commencement

Short title

These regulations may be cited as the Personal Income Tax

Indexation Regulations

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Definitions

In these regulations "Act" means the Income Tax Act, 2000

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Indexation 2007

For the purpose of subparagraph 6.1(1)(b)(ii) of the Act the consumer price index amount shall be calculated for the period and using the formula as follows: (A/B-1) X 0.5 where

is the consumer price index for the 12 month period ending

September 30, 2006

, and

is the consumer price index for the 12 month period preceding the period referred to in the description of A.

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Indexation 2008

For the purposes of subparagraph 6.1(2)(b)(ii) of the Act the consumer price index amount shall be calculated for the period and using the formula as follows: (A/B-1) where

is the consumer price index for the 12 month period ending September 30 before the taxation year, and

is the consumer price index for the 12 month period preceding the period referred to in the description of A.

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Consumer price index

In these regulations, the consumer price index for any 12 month period is the result arrived at by

(

a) aggregating the consumer price index, as defined in the Act, for each month in that period;

(

b) dividing the aggregate obtained under paragraph (

a) by twelve; and

(

c) rounding the result obtained under paragraph (

b) to the nearest one-thousandth or, where the result obtained is equidistant from two consecutive one-thousandths, to the higher of those numbers.

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Commencement

These regulations are considered to have come into force on

January 1, 2007

Earl G. Tucker, Queen's Printer