An amendment to O. Reg 323/07, Royalty on Diamonds, under the Mining Act, R.S.O. 1990, c. M.14, to provide the Minister with the discretion to assess interest or not for late payments
O. Reg 323/07
Regulation - LGIC
Bill or Act:
Summary of Decision:
To accommodate hardships related to COVID-19 and to align with the relief period provided under the Mining Tax Act, amendments have been made to subsection 12(3) of O. Reg 323/07 that would allow the Minister the discretion to assess interest or not. This parallels the s. 12(1) discretion for penalties on late payments.
Analysis of Regulatory Impact:
Summary of Proposal:
On March 25, 2020, the Ontario government released the Economic and Fiscal Update and announced a five-month relief period for Ontario businesses that are unable to file, or remit select provincial taxes on time, due to the special circumstances caused by the COVID-19 situation in Ontario. The relief period applies to the mining sector through the inclusion of the Mining Tax Act, administered by the Ministry of Finance (MOF). Since Ontario Diamond Royalty is administered under Part VIII of the Mining Act and O. Reg 323/07, Royalty on Diamonds, it was not included as part of the relief period.
99 Wellesley St W, Toronto, ON M7A 1W3
April 29, 2020