Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act

Marginal note:Insurance premiums tax in offshore area

• 213 (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, penalties and other sums that would be imposed, levied and collected under the Nova Scotia Insurance Premiums Tax Act if the property were situated in the land portion of the Province.

• Marginal note:Exception

  (2) Notwithstanding subsection (1), where taxes are imposed in respect of any matter under the Nova Scotia Insurance Premiums 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 Nova Scotia legislation

  (3) Subject to this Act and the regulations, the Nova Scotia Insurance Premiums 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 Nova Scotia 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 or to the Provincial Secretary 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 is assigned to the expression “insurance company” by the Nova Scotia Insurance Premiums Tax Act.