Corporation Capital Tax (Resource Corporation) Exemption Regulations, F-13.4 Reg 25

1 CORPORATION CAPITAL TAX (RESOURCE CORPORATION) EXEMPTION F-13.4 REG 25 The Corporation Capital Tax (Resource Corporation) Exemption Regulations being Chapter F-13.4 Reg 25 (effective November 20, 2002) as amended by Saskatchewan Regulations 50/2006. NOTE: This consolidation is not official. Amendments have been incorporated for convenience of reference and the original statutes and regulations should be consulted for all purposes of interpretation and application of the law. In order to preserve the integrity of the original statutes and regulations, errors that may have appeared are reproduced in this consolidation. 2 CORPORATION CAPITAL TAX F-13.4 REG 25 (RESOURCE CORPORATION) EXEMPTION Table of Contents 1 Title 2 Interpretation 3 Exemption and remission 4 Application for remission 5 Coming into force 3 CORPORATION CAPITAL TAX (RESOURCE CORPORATION) EXEMPTION F-13.4 REG 25 CHAPTER F-13.4 REG 25 The Financial Administration Act, 1993 Title 1 These regulations may be cited as The Corporation Capital Tax (Resource Corporation) Exemption Regulations. Interpretation 2(1) In these regulations: (a) “Act” means The Corporation Capital Tax Act; (b) “incremental oil” means the additional oil that is produced in consequence of an EOR project or waterflood project and that is determined by the minister responsible for The Crown Minerals Act in accordance with: (i) clause 2(c) or (k) of The Freehold Oil and Gas Production Tax Regulations, 1995; or (ii) clause 2(d) or (m) of The Crown Oil and Gas Royalty Regulations; (c) “EOR project” means an EOR project approved pursuant to The Freehold Oil and Gas Production Tax Regulations, 1995 or The Crown Oil and Gas Royalty Regulations; (d) “tax” means the tax payable by a resource corporation pursuant to section 13.1 of the Act; (e) “waterflood project” means an approved waterflood project as defined in The Freehold Oil and Gas Production Tax Regulations, 1995 or The Crown Oil and Gas Royalty Regulations. (2) The definitions set out in the Act and the regulations made pursuant to the Act apply for the purposes of these regulations. 29 Nov 2002 cF-13.4 Reg 25 s2. Exemption and remission 3(1) In this section, “value of resource sales” means the value of resource sales from: (a) oil and gas wells with a finished drilling date on or after October 1, 2002; and (b) incremental oil that is attributable to EOR projects or waterflood projects commenced on or after October 1, 2002. (1.1) Every resource corporation is granted an exemption of tax otherwise payable in an amount equal to: (a) 1.6% of the value of resource sales in the period commencing on October 1, 2002 and ending on June 30, 2006; 4 CORPORATION CAPITAL TAX F-13.4 REG 25 (RESOURCE CORPORATION) EXEMPTION (b) 1.45% of the value of resource sales in the period commencing on July 1, 2006 and ending on June 30, 2007; (c) 1.35% of the value of resource sales in the period commencing on July 1, 2007 and ending on June 30, 2008; and (d) 1.3% of the value of resource sales in the period commencing on July 1, 2008. (2) If, notwithstanding subsection (1.1), a resource corporation pays the full amount of tax on the value of resource sales by the resource corporation mentioned in that subsection, a remission of the tax, equivalent to the exemption set out in that subsection, is granted to the resource corporation. 29 Nov 2002 cF-13.4 Reg 25 s3; 9 Jne 2006 SR 50/2006 s2. Application for remission 4 A resource corporation that wishes to claim a remission pursuant to subsection 3(2) shall: (a) apply to the minister within four years after the date on which the resource corporation was required to file a return pursuant to section 17 of the Act; and (b) provide the minister with information to establish to the minister’s satisfaction: (i) that the applicant is entitled to a remission; and (ii) the amount of the remission. 29 Nov 2002 cF-13.4 Reg 25 s4. Coming into force 5 These regulations come into force on the day on which they are filed with the Registrar of Regulations. 29 Nov 2002 cF-13.4 Reg 25 s5. REGINA, SASKATCHEWAN Printed by the authority of THE QUEEN’S PRINTER Copyright©2006