sec.46Revenue commissioner may give notice requiring petroleum royalty payable to be worked out under s 43

sec.46 Revenue commissioner may give notice requiring petroleum royalty payable to be worked out under s 43

This section applies if— a petroleum producer has previously made an election under section 45 (3) ; and the revenue commissioner considers the petroleum producer did not have a reasonable basis for forming the belief mentioned in section 45 (1) (a) for the election. The revenue commissioner may give the petroleum producer a notice stating that the amounts payable by the petroleum producer for the first and second months of 1 or more royalty return periods must be worked out under section 43 . The petroleum producer may not make an election under section 45 (3) for a royalty return period to which the notice relates. (sec.46-ssec.1) This section applies if— a petroleum producer has previously made an election under section 45 (3) ; and the revenue commissioner considers the petroleum producer did not have a reasonable basis for forming the belief mentioned in section 45 (1) (a) for the election. (sec.46-ssec.2) The revenue commissioner may give the petroleum producer a notice stating that the amounts payable by the petroleum producer for the first and second months of 1 or more royalty return periods must be worked out under section 43 . (sec.46-ssec.3) The petroleum producer may not make an election under section 45 (3) for a royalty return period to which the notice relates.

• (a) a petroleum producer has previously made an election under section 45 (3) ; and
• (b) the revenue commissioner considers the petroleum producer did not have a reasonable basis for forming the belief mentioned in section 45 (1) (a) for the election.