Special Investigating Units and Special Tribunals Act, 1996
R 385
Mineral and Petroleum Resources Royalty Act, 2008 (Act No. 28 of 2008)16. Transitional credits |
| (1) | There must be deducted from the royalty payable in respect of a mineral resource the amount of any lease, royalty or similar payment to the State in respect of that mineral resource in terms of any conditions imposed pursuant to the laws applicable in respect of an old order right or OP26 right mentioned in Schedule II of the Mineral and Petroleum Resources Development Act, as consideration for the removal or disposal of a mineral or petroleum. |
| (2) | No deduction is allowed in terms of subsection (1) in respect of any lease mentioned in item 9(7) of Schedule II to the Mineral and Petroleum Resources Development Act. |
| (3) | The amount to be deducted in terms of subsection (1) must not exceed the royalty mentioned in that subsection. |
