Royal Assent for P.E.I. Tax Bill | KPMG | GLOBAL
close
Share with your friends

Royal Assent for P.E.I. Tax Bill

Royal Assent for P.E.I. Tax Bill

P.E.I. Bill 33 received Royal Assent June 12, 2018.

1000

Related content

This bill includes some tax measures that were introduced in the province's 2018 budget. Bill 33 reduces P.E.I.'s small business tax rate to 4% (from 4.5%) effective January 1, 2018, among other changes. This bill does not include consequential changes to the province's dividend tax credit, nor does it contain any measures related to P.E.I.'s newly proposed small business investment grant.

The corporate income tax measures in Bill 33 are considered substantively enacted for IFRS and Accounting Standards for Private Enterprise (ASPE) purposes on May 4, 2018, which is when the bill received first reading in the provincial legislature (since P.E.I. has a majority government). The corporate income tax measures in Bill 33 are considered enacted for U.S. GAAP purposes on June 12, 2018, the date the bill received Royal Assent.

For more information, contact your KPMG adviser.

Information is current to June 19, 2018. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500

© 2018 KPMG LLP, a Canada limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

KPMG International Cooperative (“KPMG International”) is a Swiss entity.  Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

Connect with us

 

Request for proposal

 

Submit