Nova Scotia Share of Offshore Sales Tax Payment Regulations (SOR/85-912)

Short Title

1 These Regulations may be cited as the Nova Scotia Share of Offshore Sales Tax Payment Regulations.

Interpretation

2 In these Regulations,

Act

Act means the Canada-Nova Scotia Oil and Gas Agreement Act; (Loi)

Minister

Minister means the Minister of Energy, Mines and Resources; (ministre)

offshore sales tax

offshore sales tax means the tax, interest, penalties and other sums payable under Part II of the Act that are collected by the Government of Nova Scotia on behalf of the Government of Canada in accordance with that Part and the tax administration agreement referred to in section 49 of the Act. (taxe de vente extracôtière)

Calculation of Amount on Account

• 3 (1) For the purposes of subsection 67(2) of the Act, the calculation of an amount to be transferred on account of any amount, in respect of offshore sales tax, that may be payable or may become payable to Her Majesty in right of Nova Scotia under the Act shall be made

  • (a) in the case of the first amount, on or before the fifth working day following the coming into force of these Regulations; and

  • (b) in the case of any subsequent amount, on the first and fifteenth day of each month during which offshore sales tax is collected.

• (2) The calculation made pursuant to paragraph (1)(a) shall include the amount of offshore sales tax collected during the period commencing on June 22, 1984 and ending on the day the calculation is made.

Ajustments

4 The Minister may make adjustments to any amount that may be payable or may become payable to Her Majesty in right of Nova Scotia pursuant to subsection 67(2) of the Act and subsection 3(1) of these Regulations.

Transfer and Payment

5 Where a calculation has been made pursuant to subsection 3(1), the amount so calculated shall be transferred into the Revenue Fund pursuant to subsection 67(2) of the Act on the first working day following the day on which the calculation was made and shall be paid to Her Majesty in right of Nova Scotia on the day it is transferred.

Underpayments and Overpayments

6 Where a determination pursuant to subsection 64(2) of the Act discloses that, in respect of the fiscal year for which the determination was made, the aggregate of the amounts on account calculated pursuant to subsection 3(1) as adjusted pursuant to section 4 and transferred into the Revenue Fund pursuant to subsection 67(2) of the Act, are

• (a) greater than the portion of the Nova Scotia share in respect of the fiscal year that relates to offshore sales tax, such overpayment shall be recovered by setting it off against an amount that may be payable or may become payable to Her Majesty in right of Nova Scotia pursuant to subsection 67(2) of the Act and subsection 3(1) of these Regulations; or

• (b) less than the portion of the Nova Scotia share in respect of that fiscal year that relates to offshore sales tax, such underpayment shall be transferred and paid to Her Majesty in right of Nova Scotia pursuant to subsection 67(1) of the Act.