In 1999, the ITAB and the First Nation Finance Authority (FNFA) began to work on legislation that would allow First Nations to maximize the benefits of their tax revenues and issue debentures. This effort culminated in 2005 with the passage of the First Nation Fiscal and Statistical Management Act. In addition to creating a successor to the Indian Taxation Advisory Board – the First Nation Tax Commission (FNTC), the legislation also created the FNFA, the First Nations Financial Management Board (FMB) and the First Nation Statistical Institute (FNSI).
The First Nations Finance Authority (FNFA) permits interested First Nations to work co-operatively in raising long-term private capital at preferred rates for roads, water, sewer and other infrastructure projects. The First Nations Tax Commission (FNTC) assumes the approval of First Nation real property tax laws made under the Act and better reconciles community and taxpayer interests. Real property tax is an important engine for sustained economic growth. The First Nations Financial Management Board (FMB) assists all First Nations in strengthening their local financial management regimes and provides the independent financial management assessment services required for entry into the First Nations Finance Authority borrowing pool. FNSI assists all First Nations in building their local information systems and works with Statistics Canada and provincial statistical agencies to improve information with respect to First Nations issues in the national statistical system.
The FSMA offers to First Nations, for the first time, many of the key tools of governance which are generally available to other governments. This was a First Nation led initiative which is directed at removing the barriers to economic development encountered by many First Nations
For more information on Taxing Under the FSMA, please visit the First Nations Tax Commission
For more information on Taxing Under s83 of the Indian Act, please visit the First Nations Tax Commission
