TABLE D2
SUMMARY OF ADMINISTRATIVE MEASURES
| |
Effective Date |
Corporation Capital Tax Act
- Rules regarding the treatment of joint venture interests are harmonized with new provisions under generally accepted accounting principles
- Definitions for British Columbia eligible expenditures are harmonized with generally accepted accounting principles
- A non-resident corporation is deemed to have a permanent establishment in the province if it owns real property in British Columbia
- Investment allowance deduction permitted for qualifying loans and advances to partnerships
- Corporation capital tax allocation rules are harmonized with federal allocation rules to deny an allocation of the tax base to foreign jurisdictions in which a corporation is not taxable
|
April 1, 1997
April 1, 1997
April 1, 1997
April 1, 1997
April 1, 1997 |
Social Service Tax Act
- Minimum refund amount increased to $10 from $1
- Energy conservation exemption expanded to include chemicals to make spray polyurethane foam insulation for buildings
- List of exempt safety equipment expanded
- List of items that can be purchased exempt by bona fide farmers expanded
|
March 26, 1997
March 26, 1997
March 26, 1997
March 26, 1997 |
Motor Fuel Tax Act
- Application of tax to natural gas used to compress gas or pump oil through transmission lines clarified
- Authority provided to refund the difference between the clear and coloured fuel tax rates for clear fuel used in family farm trucks for farm purposes
|
March 26, 1997
March 26, 1997 |
Property Transfer Tax Act
- Exemption for transfers to and from family farm corporations expanded
|
March 26, 1997 |
School Act
- The tax rate for amalgamated school districts will be phased in over two years
|
1997
tax year |
Fire Services Act
- Application of tax to the full amount of property insurance premiums clarified
|
1997
calendar
year |
Various Statutes
- The appeal period is extended to 90 days for the following four provincial tax statutes: Corporation Capital Tax Act; Logging Tax Act; Mining Tax Act; and Insurance Premium Tax Act
- Authority provided to recover overpaid refunds in the following statutes: Hotel Room Tax Act; Motor Fuel Tax Act; Social Service Tax Act; and Tobacco Tax Act
|
March 26, 1997
March 26, 1997 |
BC Ministry of Finance and Corporate Relations