sec.11Revenue commissioner must reassess amount of royalty payable if particular determinations made

sec.11 Revenue commissioner must reassess amount of royalty payable if particular determinations made

This section applies if the revenue commissioner— has made, amended or revoked a determination under section 10 (each a new decision ); and has made an assessment under the Taxation Administration Act 2001 of the amount of petroleum royalty payable by a petroleum producer for a royalty return period without having regard to the new decision. The revenue commissioner must reassess, under the Taxation Administration Act 2001 , the amount of petroleum royalty payable by the petroleum producer for the royalty return period having regard to the new decision. See the Taxation Administration Act 2001 , part 4 for the revenue commissioner’s obligation to refund any excess amount on the making of the reassessment. Subsection (4) applies if, on the reassessment, the petroleum producer 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.11-ssec.1) This section applies if the revenue commissioner— has made, amended or revoked a determination under section 10 (each a new decision ); and has made an assessment under the Taxation Administration Act 2001 of the amount of petroleum royalty payable by a petroleum producer for a royalty return period without having regard to the new decision. (sec.11-ssec.2) The revenue commissioner must reassess, under the Taxation Administration Act 2001 , the amount of petroleum royalty payable by the petroleum producer for the royalty return period having regard to the new decision. See the Taxation Administration Act 2001 , part 4 for the revenue commissioner’s obligation to refund any excess amount on the making of the reassessment. (sec.11-ssec.3) Subsection (4) applies if, on the reassessment, the petroleum producer is liable for penalty tax, unpaid tax interest or a civil penalty (each a relevant liability ). (sec.11-ssec.4) The revenue commissioner must remit the relevant liability to the extent it is payable only because of the operation of subsection (2) .

• (a) has made, amended or revoked a determination under section 10 (each a new decision ); and
• (b) has made an assessment under the Taxation Administration Act 2001 of the amount of petroleum royalty payable by a petroleum producer for a royalty return period without having regard to the new decision.