Taxes on insurance (TC 45)

A1A.419.

Taxes on insurance (TC 45) consists of taxes levied specifically on insurance companies. This category is further classified into:

• insurance companies’ contributions to fire brigades (TC 451);
• third party insurance taxes (TC 452); and
• taxes on insurance not elsewhere classified (TC 459).

Includes: Taxes levied on insurance premiums; contributions collected to finance services which reduce insurable risk.

A1A.420.

Insurance companies' contributions to fire brigades (TC 451) consists of levies imposed on insurance companies to contribute to financing fire-fighting protection services.

A1A.421.

Third party insurance taxes (TC 452) consists of surcharges and stamp duties on third party insurance premiums.

A1A.422.

Taxes on insurance not elsewhere classified (TC 459) consists of taxes on insurance that cannot be classified to insurance companies’ contributions to fire brigades (TC 451) or third party insurance taxes (TC 452).

Includes: Stamp duties on insurance (other than third party insurance); contributions of insurance companies to Workers Compensation Board Funds and Casual Fire Fighters Compensation Funds.

A1A.423.

Taxes on financial and capital transactions (TC 46) consists of taxes levied on the change in ownership of property, except those classified as gifts, inheritance or estate transactions. This category is further classified into:

• financial institutions transactions taxes (TC 461);
• government borrowing guarantee levies (TC 462);
• stamp duties on conveyances (TC 463);
• stamp duty on shares and marketable securities (TC 464);
• other stamp duties on financial and capital transactions (TC 465); and
• taxes on financial and capital transactions not elsewhere classified (TC 469).

Includes: Taxes levied on the purchase and sale of non-financial or financial assets including foreign exchange or securities; taxes on cheques; taxes levied on specific legal transactions such as validation of contracts and the sale of immovable property.

Excludes: Taxes on use of goods and performance of activities (classified to taxes on the use of goods and performance of activities (TC 5)); taxes on immovable property (classified to taxes on immovable property (TC 31)).

A1A.424.

Financial institutions transactions taxes (TC 461) consists of taxes on debits or credits to accounts with financial institutions.

Includes: State / territory government duties on credits to accounts held with financial institutions.

Excludes: Stamp duties on cheques (classified to other stamp duties on financial and capital transactions (TC 465)).

A1A.425.

Government borrowing guarantee levies (462) consists of guarantee fees/charges levied on the borrowings of public authorities by government.

A1A.426.

Stamp duties on conveyances (TC 463) consists of the revenue earned from stamp duty on conveyances and transfer of real estate, business and other property.

Excludes: Stamp duties on motor vehicle registration (classified to stamp duty on vehicle registrations (TC 512)); taxes on insurance (classified to taxes on insurance (TC 45)); taxes on gambling (classified to taxes on gambling (TC 44)).

A1A.427.

Stamp duty on shares and marketable securities (TC 464) consists of the revenue earned from stamp duty on transfers of shares and marketable securities.

Excludes: Stamp duties on motor vehicle registration (classified to stamp duty on vehicle registrations (TC 512)); taxes on insurance (classified to taxes on insurance (TC 45)); taxes on gambling (classified to taxes on gambling (TC 44)).

A1A.428.

Other stamp duties on financial and capital transactions (TC 465) consists of the revenue earned from stamps affixed to or franked on documents which evidence financial and capital transactions.

Includes: Stamp duties on contracts, cheques, admission tickets and sales receipts.

Excludes: Stamp duties on conveyances (classified to stamp duty on conveyances (TC 463)); shares and marketable securities (classified to stamp duty on shares and marketable securities (TC 464)); motor vehicle registration (classified to stamp duty on vehicle registration (TC 512)); insurance (classified to taxes on insurance (TC 45)); gambling (classified to taxes on gambling (TC 44)).

A1A.429.

Taxes on financial and capital transactions not elsewhere classified (TC 469) consists of taxes on financial and capital transactions that cannot be classified to financial institutions transactions taxes (TC 461), government borrowing guarantee levies (TC 462), stamp duties on conveyances (TC 463), stamp duty on shares and marketable securities (TC 464) or other stamp duties on financial and capital transactions (TC 465).