The Ministry of Energy and Resources has concluded consultations on proposed new regulations that will modernize interest charges assessed on late payments of royalties, rents, taxes and other fees owing to the Crown pursuant to The Crown Minerals Act (CMA) and The Mineral Taxation Act, 1983 (MTA). The proposed new regulations include:
- The Late Payment Interest Charges Regulations which will be established under the CMA to repeal and replace The Delayed Payment Charge Regulations, 1970; and
- The Mineral Taxation Late Payment Interest Charges Regulations, to be established under the MTA.
Highlights on the proposed new regulations may be found at Notice of Proposed New Regulations w. Appendices 1 & 2. Inquiries regarding the proposed new regulations may be directed to firstname.lastname@example.org.