National Oil Reserves Agency (Amendment) and Provision of Central Treasury Services Act 2020

Cited as:IR No. 6/2020
Jurisdiction:Ireland


National Oil Reserves Agency (Amendment) and Provision of Central Treasury Services Act 2020

2020 6

An Act to extend the purposes for which the levy on relevant disposals of petroleum products is paid; to amend and extend the objects, functions and powers of the National Oil Reserves Agency; to set the rate of the levy on relevant disposals of petroleum products; to make provision for the Minister for Communications, Climate Action and Environment to give a direction to the National Oil Reserves Agency in relation to the payment by it of an amount of the proceeds of the levy on relevant disposals of petroleum products collected and recovered into the Climate Action Fund; to establish the Climate Action Fund; to set the rate of the biofuel levy; to make certain other amendments in relation to biofuel obligations; for those purposes to amend and extend the National Oil Reserves Agency Act 2007; to provide for the provision by the National Treasury Management Agency of central treasury services to the National Oil Reserves Agency and Irish Water and for that purpose to amend the National Treasury Management Agency (Amendment) Act 2000; and to provide for related matters.

[29 July 2020]

Be it enacted by the Oireachtas as follows:

1 Preliminary and General

PART 1

Preliminary and General

S-1 Short title and commencement

1 Short title and commencement

(1) This Act may be cited as the National Oil Reserves Agency (Amendment) and Provision of Central Treasury Services Act 2020.

(2) This Act shall come into operation on such day or days as the Minister may appoint by order or orders either generally or with reference to any particular purpose or provision and different days may be so appointed for different purposes or different provisions.

S-2 Definitions

2 Definitions

2. In this Act—

“Minister” means the Minister for Communications, Climate Action and Environment;

“Principal Act” means the National Oil Reserves Agency Act 2007.

S-3 Revocations

3 Revocations

3. Regulation 4(1) of, and Schedule 1 to, the National Oil Reserves Agency Act 2007 (Returns and Levy) Regulations 2007 (S.I. No. 567 of 2007) are revoked.

2 Amendments to Principal Act

PART 2

Amendments to Principal Act

S-4 Amendment of section 2 of Principal Act

4 Amendment of section 2 of Principal Act

4. Section 2 of the Principal Act is amended by the insertion of the following definition:

“ ‘Climate Action Fund’ means the fund established under section 37B;”.

S-5 Amendment of section 8 of Principal Act

5 Amendment of section 8 of Principal Act

5. Section 8 of the Principal Act is amended—

(a) in subsection (1), by the substitution of the following paragraph for paragraph (c) :

“(c) (i) collecting and recovering the levy, and

(ii) paying into the Climate Action Fund, out of the proceeds of the levy collected and recovered, such amount as is specified by the Minister pursuant to a direction (if any) given under section 37A,”,

and

(b) in subsection (3) —

(i) in paragraph (i), by the substitution of “any body corporate,” for “any body corporate, and”,

(ii) in paragraph (j), by the substitution of “under subsection (1)(a), and” for “under subsection (1)(a).”, and

(iii) by the insertion of the following paragraph after paragraph (j):

“(k) to pay into the Climate Action Fund, out of the proceeds of the levy collected and recovered, such amount as is specified by the Minister pursuant to a direction (if any) given under section 37A.”.

S-6 Amendment of section 14 of Principal Act

6 Amendment of section 14 of Principal Act

6. Section 14 of the Principal Act is amended, in subsection (8), by the substitution of “the proceeds of the levy collected and recovered and the proceeds of the biofuel levy collected and recovered” for “the levy and biofuel levy”.

S-7 Amendment of section 16 of Principal Act

7 Amendment of section 16 of Principal Act

7. Section 16 of the Principal Act is amended, in subsection (12), by the substitution of “the proceeds of the levy collected and recovered and the proceeds of the biofuel levy collected and recovered” for “the levy and biofuel levy”.

S-8 Amendment of section 18 of Principal Act

8 Amendment of section 18 of Principal Act

8. Section 18 of the Principal Act is amended, in subsection (2), by the substitution of “the proceeds of the levy collected and recovered and the proceeds of the biofuel levy collected and recovered” for “the levy and biofuel levy”.

S-9 Amendment of section 19 of Principal Act

9 Amendment of section 19 of Principal Act

9. Section 19 of the Principal Act is amended, in subsection (4), by the substitution of “the proceeds of the levy collected and recovered and the proceeds of the biofuel levy collected and recovered” for “the levy and biofuel levy”.

S-10 Amendment of section 21 of Principal Act

10 Amendment of section 21 of Principal Act

10. Section 21 of the Principal Act is amended, in subsection (3), by the substitution of “the proceeds of the levy collected and recovered and the proceeds of the biofuel levy collected and recovered” for “the levy and biofuel levy”.

S-11 Amendment of section 31A of Principal Act

11 Amendment of section 31A of Principal Act

11. Section 31A of the Principal Act is amended, in subsection (2)(a)(i), by the deletion of “of the Principal Act”.

S-12 Amendment of section 36 of Principal Act

12 Amendment of section 36 of Principal Act

12. Section 36 of the Principal Act is amended—

(a) by the substitution of the following for “ ‘expenses’ means”:

“ ‘expenses’ other than in section 37B means”,

(b) in paragraph (g), by the substitution of “collecting or recovering the levy” for “collecting the levy”, and

(c) in paragraph (gb), by the substitution of “collecting or recovering the biofuel levy” for “collecting the biofuel levy”.

S-13 Amendment of section 37 of Principal Act

13 Amendment of section 37 of Principal Act

13. Section 37 of the Principal Act is amended—

(a) by the substitution of the following subsection for subsection (1):

“(1) For the purposes of—

(a) meeting expenses properly incurred, or likely to be so incurred, by the Agency and each designated subsidiary in performing functions under this Act, and

(b) contributing to the funding of the Climate Action Fund in accordance with this Act,

oil companies and oil consumers, shall, in accordance with this Part and the regulations under section 44 pay to the Agency in each month a levy on their relevant disposals of petroleum products in the preceding month.”,

and

(b) by the insertion of the following subsection after subsection (1):

“(1A) The rate of the levy shall be €0.02 per litre of relevant disposals of petroleum products.”.

S-14 Payment into Climate Action Fund by direction of Minister

14 Payment into Climate Action Fund by direction of Minister

14. The Principal Act is amended by the insertion of the following section after section 37:

“Payment into Climate Action Fund by direction of Minister

37A. (1) In this section—

‘combined actual and estimated income of the Agency’ means the combined actual and estimated income of the Agency in the financial year in which it is proposed to give a direction under subsection (2) as determined in accordance with subsection (4);

‘combined actual and estimated expenses of the Agency’ means the combined actual and estimated expenses of the Agency in the financial year in which it is proposed to give a direction under subsection (2) as determined in accordance with subsection (5);

‘financial year’ means the financial year of the Agency.

(2) Subject to subsection (3), the Minister may, in each financial year commencing with the financial year in which theNational Oil Reserves Agency (Amendment) and Provision of Central Treasury Services Act 2020 is commenced, following consultation with the Agency, the Minister for Public Expenditure and Reform and the Minister for Finance, give a direction to the Agency to pay into the Climate Action Fund in that financial year the amount specified in the direction.

(3) The amount which the Minister may specify in a direction under subsection (2) shall be an amount—

(a) that represents part of the sum of—

(i) the proceeds of the levy collected and recovered in that part of the financial year falling before the date on which the direction is to be given other than the proceeds of the levy collected and recovered before the commencement of theNational Oil Reserves Agency (Amendment) and Provision of Central Treasury Services Act 2020, and

(ii) the proceeds of the levy estimated, having regard to the matters referred to in subsection (4)(b)(i) to (iv), to be collected and recovered during that part of the financial year falling after the date on which the direction is to be given,

(b) in respect of which the Minister is reasonably satisfied that, when the amount is deducted from the combined actual and estimated income of the Agency, such deduction will not result in the remaining combined actual and estimated income of the Agency being insufficient to meet the combined actual and estimated expenses of the Agency, and

(c) that the Minister considers is appropriate to be so specified having regard to the expenses referred to in subsection (6).

(4) (a) The combined actual and estimated income of the Agency shall be the sum of—

(i) the amount of money standing to the credit of the accounts (if any) of the Agency at any financial institution in the State and at the National Treasury Management Agency,

(ii) the proceeds of the levy estimated to be collected and recovered during that part of the financial year falling after the date on which a direction is given, and

(iii) the proceeds of the biofuel levy estimated to be collected and recovered during that part of the financial year falling after the date on which a direction is given,

determined in accordance with paragraph (b).

(b) For the purpose of determining the combined actual and estimated income of the Agency, the Minister shall have regard to—

(i) the information contained in the Agency’s strategy statement for the time...

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