National Oil Reserves Agency Act 2007
|
Exemptions from levy. |
38.— (1) Subject to subsection (2), no levy is payable in any month by an oil consumer that, throughout the preceding month, held within the State stocks of petroleum products owned by it that equalled or exceeded— | |
(a) 55 times the average volume of those products consumed by it on each day in the preceding calendar year, or | ||
(b) such other daily volume as may be prescribed by the Minister for the purpose of securing supplies of oil in accordance with the State’s stockholding obligations or with its national requirements. | ||
(2) In calculating for the purposes of this section stocks of petroleum products held throughout the preceding month by an oil consumer, the Minister shall not take into account any volume of petroleum products held within the State on behalf of the oil consumer under a contract between the oil consumer and another person, unless— | ||
(a) the contract provides for an agreed volume of petroleum products owned by the oil consumer to be so held by the other person for the purpose of a claim by the oil consumer for exemption from levy under this section, and | ||
(b) before the contract was entered into, the contract proposals (within the meaning assigned by section 62 ) were submitted to the Minister. | ||
(3) An oil consumer that claims exemption from levy under this section shall supply to the Minister, in accordance with and within the time specified in the regulations relating to returns, all information relevant to the exemption claimed. |