NATIONAL OIL RESERVES AGENCY ACT 2007 (RETURNS AND LEVY) REGULATIONS 2007
Source: Iris Oifigiúl 62 2007-08-03

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paragraphs: (1) These Regulations may be cited as the National Oil Reserves Agency Act 2007 (Returns and Levy) Regulations 2007.
(2) These Regulations come into operation on 1 August 2007.
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paragraphs: In these Regulations—
(a) the Agency,
(b) an oil company, or
(c) an oil consumer.
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paragraphs: (1) A return submitted to the Minister for the purposes of paragraph (2), (3) or (4) shall—
(a) be submitted to the Minister in a manner and form specified by the Minister and shall be so submitted not later than the 18th day of the calendar month subsequent to the month to which it refers, and
(b) be approved by a director or the secretary, or by another person acceptable to the Minister, acting on behalf of—
(i) the Agency;
(ii) an oil company, or
(iii) an oil consumer,
(2) A return submitted to the Minister by the Agency shall contain—
(a) the following information with respect to oil (including biofuels), expressed in tonnes or litres, as the Minister directs—
(i) the stocks of oil held by the Agency at the beginning of the month the subject of that return, including stocks held at the disposal of the Agency under holding contracts;
(ii) all purchases of oil received by the Agency during that month;
(iii) all imports into, and exports from, the State of oil made by the Agency during that month;
(iv) the stocks of oil held by the Agency at the end of that month, including stocks held at the disposal of the Agency under holding contracts;
(v) the total sales of oil made by the Agency during that month;
(b) such other information as the Minister may from time to time direct.
(3) A return submitted to the Minister by an oil company with respect to oil (including biofuels) shall contain—
(a) the following information, expressed in litres—
(i) the stocks of oil held by the company at the beginning of the month the subject of that return at facilities in the State;
(ii) the stocks of oil held by the company under clause (i) that are held by the company in its own storage facilities;
(iii) the stocks of oil held by the company at the beginning of that month in the form of swaps and drawings the subject of that return at facilities in the State;
(iv) the stocks of oil held by the company at the beginning of that month on behalf of the Agency at facilities in the State or at facilities outside the State;
(v) the stocks of oil held by the company at the beginning of that month in the State under any bilateral agreement to which section 62 of the National Oil Reserve Agency Act 2007 relates;
(vi) all purchases of oil received by the company during that month;
(vii) all imports into, and exports from, the State of oil made by the company during that month;
(viii) the stocks of oil held by the company at the end of that month at facilities in the State;
(ix) the stocks of oil held by the company under clause (viii) that are held by the company in its own storage facilities;
(x) the stocks of oil held by the company at the end of that month in the form of swaps and drawings the subject of that return at facilities in the State;
(xi) the stocks of oil held by the company at the end of that month on behalf of the Agency at facilities in the State or at facilities outside the State;
(xii) the stocks of oil held by the company at the end of that month in the State under any bilateral agreement to which section 62 of the National Oil Reserve Agency Act 2007 relates;
(xiii) the total sales of oil made by the company during that month;
(xiv) the total sales by the company during that month of marine bunkers and aviation fuel, including jet fuel of the Kerosene type and biofuels;
(xv) the company’s consumption of oil during that month,
(b) such other information as the Minister may from time to time direct.
(4) A return submitted to the Minister by an oil consumer with respect to oil (including biofuels) shall contain—
(a) the following information, expressed in litres—
(i) the stocks of oil held by the oil consumer at the beginning of the month the subject of that return at facilities in the State;
(ii) the stocks of oil held by the company under clause (i) that are held by the oil consumer in its own storage facilities;
(iii) the stocks of oil held by the oil consumer at the beginning of that month on behalf of the Agency at facilities in the State or at facilities outside the State;
(iv) all purchases of oil received by the oil consumer during that month;
(v) the stocks of oil held by the oil consumer at the beginning of that month in the State under any bilateral agreement to which section 62 of the National Oil Reserve Agency Act 2007 relates;
(vi) all imports of oil into the State made by the oil consumer during that month;
(vii) the stocks of oil held by the oil consumer at the end of that month at facilities in the State;
(viii) the stocks of oil held by the oil consumer under clause (vii) that are held by the company in its own storage facilities;
(ix) the stocks of oil held by the oil consumer at the end of that month on behalf of the Agency at facilities in the State or at facilities outside the State;
(x) the stocks of oil held by the oil consumer at the end of that month in the State under any bilateral agreement to which section 62 of the National Oil Reserve Agency Act 2007 relates;
(xi) the oil consumer’s consumption of oil during that month at facilities in the State,
(b) such other information as the Minister may from time to time direct.
(5) The Agency, an oil company or an oil consumer (as the case may be) shall, in compiling a return to the Minister—
(a) take into account the following if they are in its beneficial ownership—
(i) stocks of oil on board oil tankers in ports in the State awaiting unloading after completion of port formalities;
(ii) stocks of oil stored in an unloading port in the State;
(iii) stocks of oil stored in tanks in the State at the entry to oil pipelines;
(iv) stocks of oil stored in refinery tanks in the State (excluding pipes and refinery plant);
(v) stocks of oil held in storage in the State by refineries (other than stocks falling within clause (iv)), and by importing, storage, or wholesale distribution firms;
(vi) stocks of oil held in barges and coastal vessels, whether in a port in the State or in the course of transportation from one place in the State to another such place;
(vii) blending components (including biofuels) in the State intended for processing into petroleum products,
(b) provide such other information as the Minister may from time to time direct.
(6) Where the Agency, an oil company or an oil consumer discovers that an error was made in any return made by it for the purposes of this Regulation, it shall as soon as possible inform the Minister accordingly in writing.
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paragraphs: (1) With effect from 1 November 2007, the rate of levy payable per litre of relevant disposals of petroleum products to the Agency by each oil company and oil consumer by virtue of section 44(5) of the National Oil Reserves Agency Act 2007 (No. 7 of 2007) is varied to the rates specified in Schedule 1.
(2) Without prejudice to any other legal requirements relating to the keeping of proper books of account, each oil company and oil consumer shall maintain, for a period of not less than 7 years after the period to which they refer, the following records in respect of matters relating to payment of the levy:
(a) copies of any returns made for the purposes of Regulation 3;
(b) a copy of all invoices or bills of sale issued with regard to the relevant disposal of oil by the oil company or oil consumer concerned;
(c) a copy of all invoices or bills of sale received with regard to the purchase of oil by the oil company or oil consumer concerned;
(d) copies of any correspondence, memoranda or other supporting documentation relating to subparagraph (a).
(3) As soon as practicable after the end of each month, the Agency shall issue a levy assessment notice to each oil company and oil consumer liable to pay the levy.
(4) Each oil company and oil consumer shall pay to the Agency the amount specified in a notice the subject of paragraph (3) no later than the 5th working day after the date of issue of the levy assessment notice.
(5) Payment of the amount specified in a levy assessment notice by each oil company and oil consumer shall—
(a) be made in Euro,
(b) be by cheque or be carried out by means of direct bank transfer or equivalent instantaneous transfer of funds to the bank account specified by the Agency in the notice, and
(c) be the subject of notification to the Agency, such notification to include details of the date and time on which payment was made, and the name of the bank effecting payment on behalf of the oil company or oil consumer.
(6) Where an oil company or oil consumer pays to the Agency an amount greater than that specified in a levy assessment notice, then the Agency shall either—
(a) reimburse the oil company or oil consumer concerned the additional amount so paid prior to the date of issue of the levy assessment notice for the month following that specified in the notice, or
(b) subject to the agreement of the oil company or oil consumer concerned, offset the amount of the overpayment made against the levy assessment notice for the month following that specified in the notice.
(7) Where the oil company or oil consumer concerned—
(a) does not pay the amount specified in the levy assessment notice concerned, or
(b) pays less than the amount specified in the levy assessment notice concerned,