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Excise Taxes and Special Levies NoticesET/SL-0060 May 2, 2006 Notice to all Importers and Licensed Jewellery Manufacturers and Wholesalers under the Excise Tax ActElimination Of The Excise Tax On Jewellery ProductsOn Tuesday, May 2, 2006, the Minister of Finance tabled a Ways and Means Motion to eliminate the excise tax on goods outlined in sections 5, 5.1 and 5.2 of Schedule I to the Excise Tax Act. These goods are:
The excise tax on these products is eliminated, effective May 2, 2006. Returns and remittances Excise tax return and remittance forms for the final reporting period will be mailed out to all licensees and should be completed and returned in the usual manner. Retention of books and records Persons who are required to pay or collect taxes or other sums, or who make an application for a deduction, refund or drawback are required to maintain adequate books and records to enable the determination of their tax liabilities and obligations. These records are to be retained for six years from the end of the calendar year for which the books and records are kept, or until written authorization for their prior disposal is given by the Minister of National Revenue. Cancellation of licences All licensed manufacturers and licensed wholesalers of jewellery will be provided with further information at a later date regarding the cancellation of their excise tax licences. For further information, please consult the Canada Revenue Agency Web site at www.cra-arc.gc.ca/menu-e.html, or call the excise tax information line at 1-866-330-3304. |
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