Thank you, Mr. Chairman. I am pleased to have this opportunity to speak to the committee about the Act to Amend the Property Taxation and Assessment Act. This bill proposed to alleviate any potential liability that might be caused by technological or human resource problems while completing the 1998/99 Certified Assessment Roll for all properties within the General Taxation Area on October 31, 1998.
Even though the Department of Municipal and Community Affairs does not anticipate that such an event will occur, the amendment provides a welcome level of security. The bill proposes to change the "nine years" to "ten years" in Section 12 of the act. This simple change removes an undue liability on this government. Mr. Chairman, with this change, all of the safeguards which ensure timely and effective assessment of property remains intact.
Finally, Mr. Chairman, I am satisfied that the proposed change to ten year will ensure that the GNWT does not find itself in the difficult position of potentially losing millions of dollars in tax revenue solely because we are the victims of an unforeseen event. Thank you.