An Act to amend the Excise Tax Act (elimination of excise tax on jewellery) (S.C. 2005, c. 55)
Full Document:
Assented to 2005-11-25
An Act to amend the Excise Tax Act (elimination of excise tax on jewellery)
S.C. 2005, c. 55
Assented to 2005-11-25
An Act to amend the Excise Tax Act (elimination of excise tax on jewellery)
SUMMARY
This enactment amends the Excise Tax Act to eliminate excise tax on jewellery.
Preambule
WHEREAS manufacturers currently pay an excise tax of ten per cent on the sale price of jewellery manufactured in Canada and importers currently pay an excise tax often per cent on the duty-paid value of imported jewellery;
WHEREAS this tax was introduced in 1918 in respect of several types of goods considered to be luxury goods but today is the only luxury tax in Canada;
WHEREAS Canada is the only industrialized nation and the only diamond-producing nation that continues to have a luxury tax on jewellery;
AND WHEREAS, as a result of this tax, diamonds mined in Canada cost more in Canada than anywhere else in the world;
NOW, THEREFORE, Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
1. Section 5 of Schedule I to the Excise Tax Act is replaced by the following:
5. Clocks adapted to household or personal use, except those specially designed for the use of the blind, ten per cent of the amount by which the sale price or duty paid value exceeds fifty dollars.
- Date modified: