ET/SL 41

February 20,2001

On Tuesday, February 20, 2001, the Secretary of State (International Financial Institutions) Jim Peterson, on behalf of the Finance Minister Paul Martin, tabled a Notice of Ways and Means Motion to amend the Excise Tax Act.

The Ways and Means Motion includes an amendment to add a new section 88 to the Excise Tax Act which would allow the Minister of National Revenue to waive or cancel interest, or a penalty calculated in the same manner as interest, that is payable under the non-GST/HST parts of the Act.

This amendment is effective upon Royal Assent.

The new section 88 will read:

"88". The Minister may waive or cancel any amount otherwise payable to the Receiver General under this Act that is interest or a penalty calculated in the same manner as interest."

Further notification will be sent regarding the implementation of new section 88 upon Royal Assent.