First

Session, 47th General Assembly

Elizabeth II, 2012

BILL 5

AN ACT TO AMEND THE

REVENUE ADMINISTRATION ACT

Received and Read the First Time ...................................................................................................

Second Reading .................................................................................................................................

Committee ............................................................................................................................................

Third Reading .....................................................................................................................................

Royal Assent ......................................................................................................................................

HONOURABLE

THOMAS W. MARSHALL, Q.C.

Minister of Finance and President of Treasury Board

Ordered

to be printed by the Honourable House of Assembly

EXPLANATORY NOTES

This Bill would amend the Revenue Administration Act to

specify the retail sales tax

rate to be applied to used vehicles brought into the province; and

remove a valuation provision

that previously only applied to tangible personal property and is not the

correct valuation provision to be applied to used vehicles.

A BILL

AN ACT TO AMEND THE REVENUE ADMINISTRATION

ACT

Analysis

S.88 Amdt.

Tax

S.90 R&S

Valuation

Be it enacted by the Lieutenant-Governor and

House of Assembly in Legislative Session convened, as follows:

SNL2009 cR-15.01

as amended

1. Subsection 88(2) of the Revenue Administration Act is repealed and the following substituted:

(2) A person who brings into or receives delivery

of a used vehicle in the province where that vehicle was acquired from a person

who is not an HST registrant is liable for and shall pay at the time the

vehicle enters the province tax at the rate of 14% of the purchase price of the

vehicle.

Section 90 of the Act is repealed and the

following substituted:

Valuation

90. Where

a consumer acquires a vehicle from a person who is not an HST registrant, the

purchase price on which tax is required to be paid under this Act is the amount

determined by the valuation system prescribed by regulation.

William E. Parsons, Queen's Printer