sec.41When revenue commissioner must reassess amount of royalty payable

sec.41 When revenue commissioner must reassess amount of royalty payable

This section applies if— the revenue commissioner makes the new decision mentioned in section 40 (1) ; and the new decision applies for a return period starting during the period mentioned in section 40 (2) ; and the revenue commissioner has made an assessment under the Taxation Administration Act 2001 of the amount of royalty payable by the holder for the mineral for the return period without having regard to the new decision. The revenue commissioner must reassess, under the Taxation Administration Act 2001 , the amount of royalty payable by the holder for the mineral for the return period having regard to the new decision. See the Taxation Administration Act 2001 , part 4 , division 2 for the revenue commissioner’s obligation to refund any excess amount on the making of the reassessment. For the Taxation Administration Act 2001 , section 23 (b) (ii) , it is declared that the limitation period does not apply to the making of the reassessment. Subsection (5) applies if, on the reassessment, the holder for the mineral is liable for penalty tax, unpaid tax interest or a civil penalty (each a relevant liability ). The revenue commissioner must remit the relevant liability to the extent it is payable only because of the operation of subsection (2) . (sec.41-ssec.1) This section applies if— the revenue commissioner makes the new decision mentioned in section 40 (1) ; and the new decision applies for a return period starting during the period mentioned in section 40 (2) ; and the revenue commissioner has made an assessment under the Taxation Administration Act 2001 of the amount of royalty payable by the holder for the mineral for the return period without having regard to the new decision. (sec.41-ssec.2) The revenue commissioner must reassess, under the Taxation Administration Act 2001 , the amount of royalty payable by the holder for the mineral for the return period having regard to the new decision. See the Taxation Administration Act 2001 , part 4 , division 2 for the revenue commissioner’s obligation to refund any excess amount on the making of the reassessment. (sec.41-ssec.3) For the Taxation Administration Act 2001 , section 23 (b) (ii) , it is declared that the limitation period does not apply to the making of the reassessment. (sec.41-ssec.4) Subsection (5) applies if, on the reassessment, the holder for the mineral is liable for penalty tax, unpaid tax interest or a civil penalty (each a relevant liability ). (sec.41-ssec.5) The revenue commissioner must remit the relevant liability to the extent it is payable only because of the operation of subsection (2) .

• (a) the revenue commissioner makes the new decision mentioned in section 40 (1) ; and
• (b) the new decision applies for a return period starting during the period mentioned in section 40 (2) ; and