OTTAWA, ONTARIO (April 1, 2006) – On March 31st, 2006, Governor General Michaëlle Jean signed the Order in Council to bring the First Nations Fiscal and Statistical Management Act into force, effective April 1, 2006.
“The coming-into-force of the legislation represents another significant milestone for First Nations participating in this initiative. The Act brings many opportunities for First Nations that are implementing their jurisdiction over taxation and selfgovernment. The legislation will help them attract private sector investment to their lands and support economic growth,” said C.T. (Manny) Jules, Chairman of the Indian Taxation Advisory Board.
The legislation, which received Royal Assent on March 23rd, 2005, establishes four institutions – the First Nations Tax Commission, First Nations Finance Authority, First Nations Financial Management Board, and First Nations Statistical Institute. Although the Act is now in force, three of the institutions are awaiting the passage of regulations and the appointment of their Board Members/Commissioners to become operational.
The work to transition from the Indian Taxation Advisory Board (ITAB) to the First Nations Tax Commission (FNTC) will continue until the appointment of a Chief Commissioner and 9 other Commissioners is completed. ITAB is working closely with those First Nations who have decided to participate in the Act. ITAB expects the FNTC to be operational in September 2006.
“We now have 23 First Nations who have passed Band Council Resolutions requesting to be added to the schedule of the Act and the interest continues to grow. These are historic and exciting times,” said Chairman Jules.