Finance Act, 1992

Amendment of section 55 (payments to lessees under petroleum leases) of Petroleum and Other Minerals Development Act, 1960.

251.Section 55 of the Petroleum and Other Minerals Development Act, 1960 , is hereby amended by the substitution of “a payment, equal to the excess, may be paid by the Minister for Finance out of the Central Fund or the growing produce thereof for the purpose of payment to the lessee” for “the Minister, with the consent of the Minister for Finance, may, out of moneys provided by the Oireachtas, make to the lessee a payment equal to the excess”, and the said section, as so amended, is set out in the Table to this section.

TABLE

55. If the total amount paid by the lessee under a petroleum lease as such lessee in respect of rent, royalties, income-tax, sur-tax, corporation profits tax and rates for any period exceeds such amount as the Minister, with the consent of the Minister for Finance, may determine, a payment, equal to the excess, may be paid by the Minister for Finance out of the Central Fund or the growing produce thereof for the purpose of payment to the lessee.