Petroleum and Gas Revenue Tax Act — P-12 15
Interest 15 (1) Where at any particular time after the day on or before which a return of a taxpayer’s production revenue was required to be filed under this Part for a taxation year, (a) the amount of the taxpayer’s tax payable for the year under this Part exceeds (b) the aggregate of all amounts each of which is an amount paid at or before the particular time on account of the taxpayer’s tax payable and applied as at that time by the Minister against the taxpayer’s liability for an amount payable under this Part for the year, the person liable to pay the tax shall pay interest on such excess, for the period during which it is outstanding, at such rates per annum prescribed for the purposes of subsection 161(1) of the Income Tax Act as are in effect from time to time during the period. Idem (2) In addition to the interest payable under subsection (1), where a taxpayer, being required by this Part to pay a part or an instalment of tax, has failed to pay all or any part thereof, that taxpayer shall, on payment of the amount he failed to pay, pay interest at the rate per annum referred to in subsection (1) from the day on or before which he was required to make the payment to the day of payment or the beginning of the period in respect of which he becomes liable to pay interest thereon under subsection (1), whichever is earlier. Deemed liability of individual (3) For the purposes of subsection (2), where an individual, other than a trust, is required to pay a part or an instalment of tax for a taxation year computed by reference to (a) the amount, if any, by which the amount estimated by that individual to be the tax payable under this Part by him for the year exceeds the amount estimated by him to be deductible from his tax otherwise payable for the year under subsection 9(5), or (b) his instalment base for the year, he shall be deemed to have been liable to pay a part or an instalment computed by reference to the lesser of (c) the amount, if any, by which the tax payable under this Part by him for the year exceeds the amount deducted under subsection 9(5) from his tax otherwise payable, and (d) his instalment base for the year. Where individual a trust (4) For the purposes of subsection (2), where an individual that is a trust is required to pay a part or an instalment of tax for a taxation year computed by reference to (a) the amount, if any, by which the amount estimated by it to be the tax payable on its production revenue for the year exceeds the amount estimated by it to be deductible from its tax otherwise payable for the year under subsection 9(5), or (b) its instalment base for the year, it shall be deemed to have been liable to pay a part or an instalment computed by reference to the lesser of (c) the amount, if any, by which the tax payable by it on its production revenue for the year exceeds the amount deducted under subsection 9(5) from its tax otherwise payable, and (d) its instalment base for the year. Deemed liability of corporation (5) For the purposes of subsection (2), where a corporation, commission or association is required to pay a part or an instalment of tax for a taxation year computed by reference to a method described in subsection 14(2), it shall be deemed to have been liable to pay a part or an instalment computed by reference to (a) the amount, if any, by which the tax payable by it on its production revenue for the year exceeds the aggregate of all amounts each of which is the amount, if any, deducted under subsection 9(5) or 10(1) from its tax otherwise payable for the year, (b) its first instalment base for the year, or (c) its second instalment base for the year and its first instalment base for the year, whichever method gives rise to the least amount required to be paid by it on or before the days referred to in paragraph 14(2)(a), (b) or (c). (6) [Repealed, R.S., 1985, c. 2 (2nd Supp.), s. 11] R.S., 1985, c. P-12, s. 15; R.S., 1985, c. 2 (2nd Supp.), s. 11