“The bill gives industry information about their obligations and rights under the act including their obligation to register, file returns and pay the tax, and their right to appeal,” writes Jamie Edwardson, Communications Director for the ministry. “It also sets out government’s powers to enforce the act including the powers to audit, assess penalties and collect the tax. ”
The bill also includes anti-avoidance rules, transitional rules and clarifying provisions.
Specific provisions include but are not limited to debt forgiveness, transitional rules for partnerships during the first taxation years, and the clarification for defining liquefaction activities, as well as LNG plants and facilities.
The ministry says they continue to work with LNG industry stakeholders in developing the regulations, which are expected to be finalized later this year.
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