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Tobacco Tax Amendments Act, 2001 (S.C. 2001, c. 16)

Assented to 2001-06-14

Marginal note:1994, c. 29, s. 14(1); 1997, c. 26, s. 76(1); 2000, c. 30, s. 108(1)
  •  (1) Sections 2 and 3 of Schedule II to the Act are replaced by the following:

    2. Tobacco sticks: $0.01965 per stick.

    3. Manufactured tobacco other than cigarettes and tobacco sticks: $15.648 per kilogram.

  • (2) Subsection (1) is deemed to have come into force on April 6, 2001.

  •  (1) Schedule VII to the Act is amended by adding the following after section 1:

    1.1 For the purposes of section 1, “duty” does not include a duty levied under subsection 21(2) of the Customs Tariff.

  • (2) Subsection (1) comes into force or is deemed to have come into force on October 1, 2001.

R.S., c. 1 (5th Supp.)INCOME TAX ACT

  •  (1) Subsection 182(1) of the Income Tax Act is replaced by the following:

    Marginal note:Surtax
    • 182. (1) Every corporation shall pay a tax under this Part for each taxation year equal to 50% of the corporation’s Part I tax on tobacco manufacturing profits for the year.

  • (2) Subsection (1) applies to taxation years ending after April 5, 2001, except that, in its application to a corporation’s taxation year that includes that day, subsection 182(1) of the Act, as enacted by subsection (1), shall be read as follows:

    • 182. (1) Every corporation shall pay a tax under this Part for the corporation’s taxation year that includes April 5, 2001, equal to the total of

      • (a) 40% of that proportion of the corporation’s Part I tax on tobacco manufacturing profits for the year that the number of days in the year that are before April 6, 2001, is of the total number of days in the year, and

      • (b) 50% of that proportion of the corporation’s Part I tax on tobacco manufacturing profits for the year that the number of days in the year that are after April 5, 2001, is of the total number of days in the year.

APPLICATION

 For the purposes of applying the provisions of the Customs Act, the Excise Act and the Excise Tax Act that provide for the payment of, or liability to pay, interest in respect of any amount, the amount shall be determined and interest shall be computed on it as though this Act had been assented to on April 6, 2001.

 
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