Petroleum and Gas Revenue Tax Regulations (SOR/82-503)

10 (1) For the purposes of sections 7 and 8, where a reference therein to the “tax payable under Part I of the Act” is to the tax payable for a taxation year ending before 1983, it shall be read as a reference to the “tax that would have been payable under Part I of the Act if it were applicable to the 1979 and subsequent taxation years and if the definition resource royalty in subsection 2(1) of the Act were read without reference to “after December 31, 1980” and section 9 of the Act were read without reference to subsection (2) thereof and if the references to “8%” in subsections 9(1) (in its application to taxation years ending before 1982) and 9(3) of the Act were read as references to “12%” ”.

(2) For the purposes of sections 7 and 8, where a reference therein to the “tax payable on production revenue under Part I of the Act” is to the tax payable for a taxation year ending before 1983, it shall be read as a reference to the “tax that would have been payable on production revenue under Part I of the Act if it were applicable to the 1979 and subsequent taxation years and if the definition resource royalty in subsection 2(1) of the Act were read without reference to “after December 31, 1980” and section 9 of the Act were read without reference to subsection (2) thereof and if the references to “8%” in subsections 9(1) (in its application to taxation years ending before 1982) and 9(3) of the Act were read as references to “12%” ”.