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Songhees
Taxation was based upon Section 83 of the Indian Act until 2006
when we began transition to Property Taxation under Bill C-20, the
First Nations Fiscal and Statistical Management Act.
The First Nations Fiscal and Statistical Management Act is First
Nations-led legislation which achieved All Party support in Parliament
and received Royal Assent in March 2005.
This new legislation provides a regulatory framework for First Nations
property taxation and debenture financing beyond the provisions
of the Indian Act. The legislation creates the following four institutions:
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The
role of the First
Nations Tax Commission, formerly the Indian Taxation
Advisory Board, is to support and regulate First Nations property
tax regimes. The FNTC will help create a property tax system
that is administratively efficient, harmonized with the rest
of the country and fair to on-reserve taxpayers. To realize
this vision, it will set administrative standards, regulate
matters pertaining to its property tax mandate, enforce these
regulations, mediate disputes and act on behalf of the collective
interest of First Nations tax administration |
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The
First
Nations Financial Management Board's mission is to
assist First Nation governments in establishing effective financial
management systems through capacity development, the development
of national standards and policies, monitoring, certification,
and, if necessary, effective and appropriate remediation, thereby
increasing confidence in First Nation governments and supporting
the economic and social development of First Nations. |
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The
First
Nations Finance Authority was established in 1995
as a non-profit finance authority serving First Nation governments.
Following the passage of new federal legislation, the primary
purpose of the FNFA is to raise capital by issuing bonds on
behalf of its member First Nation governments. The proceeds
of the bond issues are used by First Nations to build community
infrastructure such as sewer, roads and water. The investment
grade bonds are backed by the property taxation revenues of
the First Nation governments and the collective credit of the
borrowing pool. |
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First
Nations Statistical Institute aims to become an objective
center of statistical expertise for First Nations communities
and other stakeholders. The institute will provide a number
of services that will produce higher quality information and
establish greater usage of First Nations statistics for all
parties by: developing knowledge and providing access to relevant
survey and data collection within the Canadian statistical system |
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