Excise Act, 2001
Marginal note:Definition of inflationary adjusted year
Marginal note:Annual adjustments
(2) Each rate of duty set out in sections 1 to 4 of Schedule 1 and paragraph (a) of Schedule 2 in respect of a tobacco product is to be adjusted on April 1 of an inflationary adjusted year so that the rate is equal to the greater of
(a) the rate determined by the formula
A × B
- is the rate of duty applicable to the tobacco product on March 31 of the inflationary adjusted year, and
- is the amount, rounded to the nearest one-thousandth, or, if the amount is equidistant from two consecutive one-thousandths, rounded to the higher one-thousandth, determined by the formula
- is the Consumer Price Index for the 12-month period ending on September 30 of the particular year preceding the inflationary adjusted year, and
- is the Consumer Price Index for the 12-month period ending on September 30 of the year preceding the particular year; and
(b) the rate of duty referred to in the description of A in paragraph (a).
(3) The adjusted rate determined under subsection (2) is to be rounded to the nearest one-hundred-thousandth or, if the adjusted rate is equidistant from two consecutive one-hundred-thousandths, to the higher one-hundred-thousandth.
Marginal note:Consumer Price Index
(4) In this section, the Consumer Price Index for any 12-month period is the result arrived at by
(b) dividing the aggregate obtained under paragraph (a) by 12; and
(c) rounding the result obtained under paragraph (b) to the nearest one-thousandth or, if the result obtained is equidistant from two consecutive one-thousandths, to the higher one-thousandth.
- 2014, c. 20, s. 64
- 2018, c. 12, s. 47
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