PETROLEUM AND GEOTHERMAL ENERGY RESOURCES ACT 1967 - SECT 144A

PETROLEUM AND GEOTHERMAL ENERGY RESOURCES ACT 1967 - SECT 144A

144A .         Royalty value

        (1)         For the purposes of this Act (but subject to subsection (2)) the royalty value of any petroleum or geothermal energy is its value at the well-head as agreed or determined under section 145.

        (2)         If the value at the well-head of petroleum or geothermal energy as agreed or determined under section 145 is calculated in a way that provides for a reduction, discount, deduction or allowance to be made for federal duty that has been paid, is payable or may become payable, the royalty value of that petroleum or geothermal energy is the sum of —

            (a)         its value at the well-head as so calculated; and

            (b)         the amount of that reduction, discount, deduction or allowance.

        (3)         In subsection (2) federal duty means excise duty, or any other tax, duty, fee, levy or charge (except a tax, duty, fee, levy or charge of a kind excluded from this definition by the regulations) imposed by or under a law of the Commonwealth.

        [Section 144A inserted: No. 11 of 1994 s. 6; amended: No. 35 of 2007 s. 78.]