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B.C. Reg. 401/89
O.C. 1821/89
Deposited December 18, 1989
effective January 1, 1990
This consolidation is current to January 21, 2020.
Link to Point in Time

Mineral Tax Act

Mineral Tax General Regulation

[includes amendments up to B.C. Reg. 186/2015, December 1, 2015]

Interpretation

1   In this regulation:

"Act" means the Mineral Tax Act;

"date of payment" means the date a payment is received

(a) at the office of the commissioner, as evidenced by the date stamped on the back of the cheque or bank draft issued for the payment, or

(b) at the main branch in Victoria of the principal banker to the Province,

as the case may be.

Interest rates and calculations

2   (1) For the purpose of sections 15 (1) and 16 (1) of the Act, the rate of interest during each successive 3 month period beginning on January 1, April 1, July 1 and October 1 in each year is 3% above the prime lending rate of the principal banker to the Province on the 15th day of the month immediately preceding that 3 month period.

(2) For the purpose of sections 15 (2) and 16 (2) of the Act, the rate of interest during each successive 3 month period beginning on January 1, April 1, July 1 and October 1 in each year is 2% below the prime lending rate of the principal banker to the Province on the 15th day of the month immediately preceding that 3 month period.

(3) If an operator fails to pay an amount at the time required under section 13 of the Act, the operator must pay interest on that amount, calculated from the time it became due until the date of payment.

(4) If an operator fails to pay an amount at the time required under section 14 (2) of the Act, the operator must pay interest on that amount, calculated

(a) from the time it became due until the date of payment, or

(b) if the amount is not paid by the time a return is required to be delivered under section 13 of the Act, from the time it became due until the date on which the return was required to be filed.

(5) Interest payable under the Act must be

(a) compounded monthly, and

(b) calculated on the number of days since the last compounding of interest or, if no compounding has yet occurred, from the date that interest is payable under the Act.

(6) Despite subsection (5), interest payable under the Act on amounts owing as of December 1, 2015 must be

(a) compounded monthly, and

(b) calculated on the number of days since the last compounding of interest or, if no compounding has yet occurred, from December 1, 2015.

[am. B.C. Regs. 393/92; 186/2015.]

[Provisions relevant to the enactment of this regulation: Mineral Tax Act, R.S.B.C. 1996, c. 291, section 44 (2) (c)]