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 that is 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 Insurance Companies Tax Act if the property were situated in the Province.

• Marginal note:Exception

  (2) Despite subsection (1), if taxes are imposed in respect of any matter under the 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 and Labrador legislation

  (3) Subject to this Act and the regulations made under it, the Insurance Companies Tax Act and any regulations made under section 107 of the Revenue Administration Act, S.N.L. 2009, c. R-15.01, as that Act is amended from time to time, apply, with any modifications that the circumstances require, for the purposes of this Part and, without limiting the generality of the foregoing,

  • (a) a reference in that Act to the Crown is to be read as a reference to Her Majesty in right of Canada;

  • (b) a reference in that Act to the province is to be read as a reference to the offshore area; and

  • (c) a reference in that Act to the Minister responsible for the administration of that Act is to be read as a reference to the Minister of Finance.

• Definition of company

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