Mineral Taxation Late Payment Interest Charges Regulations, M-17.1 Reg 8

1 MINERAL TAXATION LATE PAYMENT INTEREST CHARGES M-17.1 REG 8 The Mineral Taxation Late Payment Interest Charges Regulations being Chapter M-17.1 Reg 8 (effective December 17, 2020). 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 MINERAL TAXATION LATE M-17.1 REG 8 PAYMENT INTEREST CHARGES Table of Contents 1 Title 2 Definition 3 Charge for late payment of taxes 4 Application 5 Coming into force Appendix Table 1 Regulations for which Charges for Late Payment Apply 3 MINERAL TAXATION LATE PAYMENT INTEREST CHARGES M-17.1 REG 8 CHAPTER M-17.1 REG 8 The Mineral Taxation Act, 1983 Title 1 These regulations may be cited as The Mineral Taxation Late Payment Interest Charges Regulations. Definition 2 In these regulations, “Act” means The Mineral Taxation Act, 1983. 24 Dec 2020 c M-17.1 Reg 8 s2. Charge for late payment of taxes 3(1) Notwithstanding anything contained in any other regulations made pursuant to the Act, every person who has failed to remit all or any portion of any taxes that are to be paid pursuant to the Act or any regulation or order made pursuant to the Act, on or before the date set out in the applicable regulation or order is liable for an additional charge on the unpaid taxes, calculated from the day on which the amount should have been paid or remitted to the date on which it is received by the minister as shown in the records of the minister. (2) Subsection (1) applies whether or not the failure to remit is discovered as the result of an audit. (3) For the purposes of subsection (1), the rate of interest per year with respect to unpaid taxes is the rate equal to the sum of: (a) the prime lending rate of the bank holding the general revenue fund as determined and adjusted in accordance with this section; and (b) 3%. (4) The interest rate set out in subsection (3) is to be determined on June 15 and December 15 in each year and: (a) the interest rate as determined on June 15 applies to unpaid taxes that are owing on or after July 1; and (b) the interest rate as determined on December 15 applies to unpaid taxes that are owing on or after January 1 of the following year. 24 Dec 2020 c M-17.1 Reg 8 s3. 4 MINERAL TAXATION LATE M-17.1 REG 8 PAYMENT INTEREST CHARGES Application 4 These regulations apply to the regulations that are set out in Table 1 of the Appendix. 24 Dec 2020 c M-17.1 Reg 8 s4. Coming into force 5 These regulations come into force on the day on which they are filed with the Registrar of Regulations, but are retroactive and deemed to have been in force on and from April 1, 2020. 24 Dec 2020 c M-17.1 Reg 8 s5. Appendix TABLE 1 [Section 4] Regulations for which Charges for Late Payment Apply The Freehold Coal Production Tax Regulations, being Saskatchewan Regulation 39/84 The Mineral Rights Tax Regulations, 1998 The Potash Production Tax Regulations The Sodium Chloride Production Tax Regulations 24 Dec 2020 c M-17.1 Reg 8. REGINA, SASKATCHEWAN Printed by the authority of THE QUEEN’S PRINTER Copyright©2020