Acts and Regulations

2010-49 - Metallic Minerals Tax Act

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NEW BRUNSWICK
REGULATION 2010-49
under the
Metallic Minerals Tax Act
(D.C. 2010-154)
Filed March 26, 2010
1Section 1 of New Brunswick Regulation 82-211 under the Metallic Minerals Tax Act is amended by striking out “Interest Rate Regulation” and substituting “Interest Regulation”.
2Section 3 of the Regulation is amended
(a) by renumbering the section as subsection 3(1);
(b) by adding after subsection (1) the following:
3(2)The following circumstances are prescribed under subsection 3(6) of the Act:
(a) an examination of a period greater than 36 months is carried out; and
(b) the mine assessor determines, as a result of the examination, that the taxpayer has failed to pay an amount due to the Crown under the Act for a period greater than 36 months.
3(3)The length of time during which an amount due to the Crown has not been paid by a taxpayer shall be calculated commencing on the last day of the month preceding the month in which the examination is completed and going back to the date the amount should have been paid.
3(4)The rate of interest for the purposes of subsection 3(6) of the Act is the rate of interest prescribed in subsection (1) as compounded monthly for the 36 months before the month in which the examination is completed.
3(5)The period of time under subsection 3(6) of the Act is the thirty-sixth month before the month in which the examination is completed.
3(6) For the purposes of subsection 3(7) of the Act, the time is the last day of the month following the month in which a notice of assessment is served under subsection 13(1) of the Act.
3This Regulation comes into force on April 1, 2010.