National Oil Reserves Agency Act 2007
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PART 5 Levy on Relevant Disposals of Petroleum Products | ||
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Definitions for Part 5. |
36.— In this Part— | |
“ expenses ” means the operating costs and administrative expenses of the Agency and each designated subsidiary, including the following: | ||
(a) oil storage costs; | ||
(b) the costs of holding under a holding contract oil stocks not owned by the Agency; | ||
(c) the remuneration, if any, and allowances for expenses of the directors; | ||
(d) the remuneration and allowances for expenses of the chief executive and any superannuation benefits payable to or in respect of him or her; | ||
(e) the remuneration and allowances of the members of staff and any superannuation benefits payable to or in respect of such members; | ||
(f) fees due to any consultants or advisers engaged under this Act; | ||
(g) the costs incurred by the Agency in collecting the levy; | ||
(h) the payment of any interest and other bank charges incurred on borrowings under sections 26 and 27 ; | ||
(i) the repayment of principal borrowed under section 26 or 27 to purchase oil or to do anything specified in section 8 (3)(a), (b), (c) or (f); | ||
“ levy assessment notice ” means a notice issued under section 41 ; | ||
“ marine bunkers ” means petroleum products that are exempt from excise duty as being intended for the fuel tanks of sea-going vessels; | ||
“ petroleum products ” does not include marine bunkers, aviation fuel and jet fuel of the kerosene type; | ||
“ relevant disposal of petroleum products ” has the meaning assigned by section 37 (2); | ||
“ volume assessment ” means an assessment under section 39 of relevant disposals of petroleum products. |