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2004 Legislative Session: 5th Session, 37th Parliament

FIRST READING

The following electronic version is for informational

purposes only.

The printed version remains the official version.

HONOURABLE GARY COLLINS

MINISTER OF FINANCE

BILL 76 – 2004

SOCIAL SERVICE TAX AMENDMENT ACT (No. 2), 2004

HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as follows:

1 Sections 6 (1) and (3) (a), 10 (1) (

a) and (b) (i), 20 (1) (

a) and (b) (i), 25 (1) and (3) (a), 31 (1), 36 (1), 37 (2) (

a) and (b) (i), 40 (1), 41 (2) (c), 46 (1) and (2), 47 (1) and 53 of the Social Service Tax Act, R.S.B.C. 1996, c. 431, are amended by striking out " 7.5% " and substituting " 7% ".

Section 29 (3) is repealed and the following substituted:

(3) In each calendar year in which tax is payable under subsection (1), the tax rate in respect of the vehicle is the rate shown opposite the applicable calendar year as follows:

Calendar Year

Tax Rate

acquisition year

3.294%

1st calendar year after the acquisition year

2.646%

2nd calendar year after the acquisition year

2.177%

3rd calendar year after the acquisition year

1.838%

4th calendar year after the acquisition year

1.597%

5th calendar year after the acquisition year

1.577%

6th calendar year after the acquisition year

1.509%

7th calendar year after the acquisition year

1.486%

8th calendar year after the acquisition year

1.497%

9th and subsequent calendar years after the acquisition year

1.533% .

Commencement

3 The provisions of this Act referred to in column 1 of the following table come into force as set out in column 2 of the table:

Item

Column 1

Provisions of Act

Column 2

Commencement

Section 1

October 21, 2004

Section 2

April 1, 2005

Explanatory Notes

SECTION 1: [Social Service Tax Act, sections 6, 10, 20, 25, 31, 36, 37, 40, 41, 46, 47

and 53] decreases the Provincial sales tax rate from 7.5% to 7%.

SECTION 2: [Social Service Tax Act,

section 29] decreases the tax rates in respect of

vehicles licensed for interjurisdictional commercial purposes to accord with

the decrease in the general sales tax rate to 7%.

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