Payment of levy by instalments
21A Payment of levy by instalments
Despite section 21, a project owner liable to pay a levy in respect of construction work may pay the levy by instalments if the value of the construction work, estimated for the purposes of section 21(1)(a) or (b), is $500 million or more.
The amount for each instalment is calculated using the following equation —
where —
IA is the amount of each instalment of the levy payable in respect of the construction work;
LP is the levy payable under section 21 in respect of the construction work;
PP is the payment period for the construction work, expressed in years (rounded down to the nearest whole year).
In subsection (2) —
payment period, for the construction work, means —
the estimated period during which the construction work is to be carried out as agreed to by the Board and the project owner; or
if the Board and the project owner are unable to agree to an estimate — the period during which the construction work is to be carried out as estimated by the Board; or
if the Minister determines a period over which the levy is payable for the construction work under subsection (4) — that period.
On application by the project owner in the approved form, the Minister may, after consultation with the Board, determine a period over which the levy is payable for the construction work.
A period determined by the Minister under subsection (4) prevails over any estimated period during which the construction work is to be carried out.
[Section 21A inserted: No. 23 of 2020 s. 5.]
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