Canada–Newfoundland and Labrador Atlantic Accord Implementation Act

Marginal note:Insurance companies tax in offshore area

• 208 (1) There shall be imposed, levied and collected under this Part in respect of the insurance premiums received by any company with respect to property situated in the offshore area at the time the insurance premiums become payable, in accordance with subsection (3), the taxes, interest and penalties that would be imposed, levied and collected under the Newfoundland Insurance Companies Tax Act if the property were situated in the Province.

• Marginal note:Exception

  (2) Notwithstanding subsection (1), where taxes are imposed in respect of any matter under the Newfoundland Insurance Companies Tax Act and taxes would, but for this subsection, be imposed under subsection (1) in respect of that matter, no taxes shall be imposed under subsection (1) in respect of that matter.

• Marginal note:Application of Newfoundland legislation

  (3) Subject to this Act and the regulations, the Newfoundland Insurance Companies Tax Act and any regulations made thereunder apply, with such modifications as the circumstances require, for the purposes of this Part and, without limiting the generality of the foregoing,

  • (a) a reference in that Act to Her Majesty in right of the Province shall be deemed to be a reference to Her Majesty in right of Canada;

  • (b) a reference in that Act to the Province of Newfoundland or the province shall be deemed to be a reference to the offshore area; and

  • (c) a reference in that Act to the Minister responsible for the administration of that Act shall be deemed to be a reference to the Minister of Finance.

• Definition of company

  (4) In this section, company has the same meaning as in the Newfoundland Insurance Companies Tax Act.