3. (1) Subject to subsection (2), remission is hereby granted to each participant of any tax payable for a taxation year pursuant to Part I of the Income Tax Act as a result of the royalty provisions being applicable to
(a) amounts receivable and the fair market value of any property receivable by the Crown as a royalty, tax, rental or levy with respect to the Syncrude Project, or as an amount however described, that may reasonably be regarded as being in lieu of any of the preceding amounts;
(b) dispositions of leased substances to the Crown by the participant; and
(c) acquisitions of leased substances from the Crown by the participant.
(2) No remission shall be granted pursuant to this Order to a participant in respect of a taxation year of that participant that commences after
(a) the recovery of 1.1 billion barrels, where the Governor in Council revokes this Order upon being satisfied on the report of the Minister of Finance that the condition exists prior to the recovery of 1.1 billion barrels,
(b) the recovery of the number of barrels recovered on the date the Governor in Council revokes this Order upon being satisfied on the report of the Minister of Finance that the condition exists if that date is after the recovery of more than 1.1 billion barrels and less than 2.1 billion barrels,
(c) the recovery of 2.1 billion barrels, or
(d) December 31, 2003,
whichever first occurs.
- Date modified: