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Volume 58, No. 18

186/2015

The British Columbia Gazette,

Part II

October 6, 2015

B.C. Reg. 186/2015 , deposited October 5, 2015, under the MINERAL TAX ACT [section 44 (2) (c)]. Order in Council 579/2015, approved and ordered October 2, 2015.

On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that, effective December 1, 2015, the Mineral Tax General Regulation, B.C. Reg. 401/89, is amended as set out in the attached Schedule.

— M. DE JONG, Minister of Finance ; C. OAKES, Presiding Member of the Executive Council .

Schedule

Section 2 of the Mineral Tax General Regulation, B.C. Reg. 401/89, is amended

(

a) in subsection (1) by striking out “ sections 15 and 16 ” and substituting “ sections 15 (1) and 16 (1) ”,

(

b) in subsection (1) by striking out “ in each year shall be ” and substituting “ in each year is ”,

(

c) in subsection (2) by striking out “ in every year shall be ” and substituting “ in each year is ”,

(

d) in subsections (3) and (4) by striking out “ Where an operator ” and substituting “ If an operator ” ,

(

e) in subsections (3) and (4) by striking out “ he shall pay interest ” and substituting “ the operator must pay interest ” ,

(

f) in subsection (4) (

b) by striking out “ where the amount ” and substituting “ if the amount ” , and

(

g) by repealing subsections (5) and (6) and substituting the following:

(5) Interest payable under the Act must be

(

a) compounded monthly, and

(

b) calculated on the number of days since the last compounding of interest or, if no compounding has yet occurred, from the date that interest is payable under the Act.

(6) Despite subsection (5), interest payable under the Act on amounts owing as of December 1, 2015 must be

(

a) compounded monthly, and

(

b) calculated on the number of days since the last compounding of interest or, if no compounding has yet occurred, from December 1, 2015.

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