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Volume 62, No. 13

145/2019

The British Columbia Gazette,

Part II

July 2, 2019

B.C. Reg. 145/2019 , deposited June 26, 2019, under the INCOME TAX ACT [section 213]. Order in Council 374/2019, approved and ordered June 26, 2019.

On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that the attached Natural Gas Tax Credit Regulation is made.

— C. JAMES, Minister of Finance and Deputy Premier ; M. MARK, Presiding Member of the Executive Council .

NATURAL GAS TAX CREDIT REGULATION

Definition

1 In this regulation, "Act" means the Income Tax Act .

Prescribed percentage

2 For the purposes of

section 173 (4) of the Act, the prescribed percentage is 2.5%.

Interest on percentage owing to government

(1) For the purposes of

section 194 (4) of the Act, interest payable to the government under

Part 13 of the Act must be calculated on a daily basis and compounded monthly.

(2) For the purposes of

section 194 (4) of the Act, the rate of interest prescribed is, during each successive 3 month period beginning on April 1, July 1, October 1 and January 1 in each year, 3% above the prime lending rate of the principal banker to the Province on the 15th day of the month immediately preceding that 3 month period.

Interest on tax refunds

(1) Interest payable under

section 197 (2) of the Act must be calculated on a daily basis and compounded monthly.

(2) For the purposes of

section 197 (2) of the Act, the rate of interest prescribed is, during each successive 3 month period beginning on January 1, April 1, July 1 and October 1 in each year, 2% below the prime lending rate of the principal banker to the Province on the 15th day of the month immediately preceding that 3 month period.

Reference price

5 In determining the reference price for the purposes of

section 180 of the Act, the minister charged with the administration of the Petroleum and Natural Gas Act must consider the monthly Natural Gas Exchange Inc.'s NGX AB-NIT natural gas price indices that relate to any period in the month.

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