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His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 101 of the Customs Tariff, is pleased hereby to make the annexed Order respecting the remission of a portion of the customs duties on a drilling rig for the Cohasset/Panuke Oil Development Project.note
Short Title
1#
This Order may be cited as the LASMO Drilling Rig Remission Order.
Remission
2#
Subject to sections 3 and 4, remission is hereby granted of a portion of the customs duties paid or payable under the Customs Tariff on the drilling rig Rowan Gorilla III imported by LASMO Nova Scotia Limited for use in the Cohasset/Panuke Oil Development Project.
3#
The remission of the duty on the rig referred to in section 2 shall be an amount equal to the difference between:
(a)the customs duties on 1/120th of the value for duty of the rig calculated in accordance with section 4 of the Vessel Duties Reduction or Removal Regulations and,
(b)the customs duties on 1/120th of the value for duty of the rig that would apply if the rig were imported on January 1 of each year that it remains in Canadian customs waters.
Condition
Federal laws of Canada reproduced under the Reproduction of Federal Law Order (SI/97-5); not the official version. Source: Justice Laws Website.