LASMO Drilling Rig Remission Order (SOR/92-239)
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Regulations are current to 2023-05-17
LASMO Drilling Rig Remission Order
Order Respecting the Remission of a Portion of the Customs Duties on a Drilling Rig for the Cohasset/Panuke Oil Development Project
P.C. 1992-782 1992-04-30
His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 101 of the Customs TariffFootnote *, is pleased hereby to make the annexed Order respecting the remission of a portion of the customs duties on a drilling rig for the Cohasset/Panuke Oil Development Project.
Return to footnote *R.S., c. 41 (3rd Supp.)
1 This Order may be cited as the LASMO Drilling Rig Remission Order.
2 Subject to sections 3 and 4, remission is hereby granted of a portion of the customs duties paid or payable under the Customs Tariff on the drilling rig Rowan Gorilla III imported by LASMO Nova Scotia Limited for use in the Cohasset/Panuke Oil Development Project.
3 The remission of the duty on the rig referred to in section 2 shall be an amount equal to the difference between:
(a) the customs duties on 1/120th of the value for duty of the rig calculated in accordance with section 4 of the Vessel Duties Reduction or Removal RegulationsFootnote 1 and,
Return to footnote 1SOR/90-304, 1990 Canada Gazette Part II, p. 2246
(b) the customs duties on 1/120th of the value for duty of the rig that would apply if the rig were imported on January 1 of each year that it remains in Canadian customs waters.
4 The remission referred to in sections 2 and 3 is granted on condition that a claim for the remission is made to the Minister of National Revenue no later than two years following the end of each year the rig remains in Canadian customs waters.
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