Mr. Chairman, I understand what the Member is getting at. If I can give an example, if somebody's fiscal year for a corporation who is going to be paying this tax started December 1 last year, then there would be two tax years, two notional years. The first one being December, which would be taxed at the 12 per cent, then effective January 1, they would start paying the 14 per cent. So there would be two notional tax years. And, yes, the Member is correct, this will not be enforced prior to January 1 of this calendar year. Thank you, Mr. Chairman.
John Pollard on Bill 15: An Act To Amend The Income Tax Act
In the Legislative Assembly on March 25th, 1994. See this statement in context.
Bill 15: An Act To Amend The Income Tax Act
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
March 24th, 1994
Page 864
John Pollard Hay River
See context to find out what was said next.