(2) For the purposes of section 33(2) of the Limitation Act (Cap. 163), any financial penalty imposed under section 17(4) is treated as interest on tax.
(3) To avoid doubt, section 6(4) of the Limitation Act does not apply to any financial penalty imposed under section 17(4).
Division 2—Assessments of tax
Assessments by Agency
21.—(1) Upon approving a verified emissions report for a taxable facility of a registered person for a reporting period, the Agency must assess—
- (a) the tax charged under section 16(1) for the reporting period; and
- (b) the number of carbon credits that the registered person must surrender to pay the tax.
(2) Where the Agency is of the opinion that a registered person is liable to pay the tax for a reporting period and—
- (a) the registered person has not submitted a verified emissions report for the reporting period for the Agency’s approval as required by section 11(1); or
- (b) the verified emissions report submitted by the registered person is incomplete or inaccurate such that, or for any other reason, the Agency is unable to approve the same before 15 August of the year immediately following the end of the reporting period,
the Agency may, to the best of the Agency’s judgment, assess the matters in subsection (1).
(3) In making an assessment under subsection (2), the Agency may have regard to any verified emissions report (whether or not approved by the Agency) previously submitted to the Agency for the taxable facility to which the tax relates.
(4) An assessment under subsection (2) does not affect any liability of the registered person under this Act in relation to the registered
