sec.44Working out monthly payments for return period that is calendar quarter in particular circumstances

sec.44 Working out monthly payments for return period that is calendar quarter in particular circumstances

This section applies if— an amount is payable by a petroleum producer under section 43 (2) for the first and second months of a royalty return period (the current royalty return period ); and either— the petroleum producer did not lodge a royalty return for the previous royalty return period, as required under the Act ; or the previous royalty return period was not a calendar quarter. For working out the amounts payable by the petroleum producer under section 43 (2) — the revenue commissioner may— if subsection (1) (b) (i) applies—estimate the total amount of petroleum royalty payable by the petroleum producer under the Act for the previous royalty return period; or if subsection (1) (b) (ii) applies—adjust the amount of petroleum royalty payable by the petroleum producer under the Act for the previous royalty return period to estimate an amount representative of the petroleum royalty that would have been payable if the previous royalty return period were a calendar quarter; and the revenue commissioner must give the petroleum producer a notice stating the amount (the estimated amount ) estimated by the revenue commissioner under paragraph (a) (i) or (ii) ; and the estimated amount is the total amount of petroleum royalty payable by the petroleum producer under the Act for the previous royalty return period. In estimating an amount for subsection (2) (a) (i) or (ii) , the revenue commissioner may have regard to— any other royalty returns lodged by the petroleum producer; and the volume of petroleum for which the petroleum royalty is payable; and any other relevant matter. (sec.44-ssec.1) This section applies if— an amount is payable by a petroleum producer under section 43 (2) for the first and second months of a royalty return period (the current royalty return period ); and either— the petroleum producer did not lodge a royalty return for the previous royalty return period, as required under the Act ; or the previous royalty return period was not a calendar quarter. (sec.44-ssec.2) For working out the amounts payable by the petroleum producer under section 43 (2) — the revenue commissioner may— if subsection (1) (b) (i) applies—estimate the total amount of petroleum royalty payable by the petroleum producer under the Act for the previous royalty return period; or if subsection (1) (b) (ii) applies—adjust the amount of petroleum royalty payable by the petroleum producer under the Act for the previous royalty return period to estimate an amount representative of the petroleum royalty that would have been payable if the previous royalty return period were a calendar quarter; and the revenue commissioner must give the petroleum producer a notice stating the amount (the estimated amount ) estimated by the revenue commissioner under paragraph (a) (i) or (ii) ; and the estimated amount is the total amount of petroleum royalty payable by the petroleum producer under the Act for the previous royalty return period. (sec.44-ssec.3) In estimating an amount for subsection (2) (a) (i) or (ii) , the revenue commissioner may have regard to— any other royalty returns lodged by the petroleum producer; and the volume of petroleum for which the petroleum royalty is payable; and any other relevant matter.