Mineral and Petroleum Resources Royalty Act, 2008 (Act No. 28 of 2008)3. Determination of royalty |
| (1) | The royalty mentioned in section 2 in respect of the transfer of a refined mineral resource is determined by multiplying the gross sales of the extractor in respect of that mineral resource during the year of assessment by the percentage determined in accordance with the formula in section 4(1). |
| (2) | The royalty mentioned in section 2 in respect of the transfer of an unrefined mineral resource is determined by multiplying the gross sales of the extractor in respect of that mineral resource during the year of assessment— |
| (a) | by the percentage determined in accordance with the formula in section 4(2); or |
| (b) | by the percentage determined in accordance with the formula as the Minister may announce in the national annual budget contemplated in section 27(1) of the Public Finance Management Act, 1999 (Act No. 1 of 1999) with effect from a date mentioned in that announcement. |
[Subsection (2) substituted by section 92(a) of the Taxation Laws Amendment Act, 2016 (Act No. 15 of 2016)]
| (3) | If the Minister makes an announcement contemplated in subsection (2)(b), that percentage determined in accordance with the formula comes into effect on the date determined by the Minister in that announcement and continues to apply for a period of 12 months from that date subject to Parliament passing legislation giving effect to that announcement within that period of 12 months. |
[Subsection (3) inserted by section 92(b) of the Taxation Laws Amendment Act, 2016 (Act No. 15 of 2016)]