The FMA fiscal institutions continue work on additional proposed amendments to the FMA. These include some amendments to the FMA that were proposed, but not advanced, as part of the amendments to the FMA last year, as well as some additional proposals. The amendment proposals are aimed at clarifying certain aspects of the legislation, and at making the legislation more flexible and responsive to the needs of First Nations and their taxpayers.
To advance this work, the Commission, the Financial Management Board and the Finance Authority have participated in meetings with INAC over the last year, to review the proposed amendments being advanced by each Institution. INAC has completed a detailed review of the proposals and are undertaking the work to seek the authority to begin the legislative drafting process.
The Commission is proposing amendments that would enhance taxation under the FMA including: deleting the requirement for the “special levy” provision in subsection 5(6), maintaining the integrity of the FMA limiting de-scheduling from the FMA in certain circumstances, and would enable the FNTC to provide advice on “taxation matters” to the Minister rather than solely on property taxation. The Commission is also proposing amendments to support property taxation regimes on joint reserves and to clarify the delegation of law-making powers.
As the discussions continue, the Commission will provide updates on the proposals and any legislative timetable proposed by federal officials.