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International Restructuring Newswire
Welcome to the Q2 2024 edition of the Norton Rose Fulbright International Restructuring Newswire.
Author:
Canada | Publication | May 7, 2020 - 11 AM ET
The Alberta Energy Regulator (AER) recently provided important clarification on two ministerial orders that suspended a number of reporting requirements applicable to the oil and gas industry. Updates on Alberta Energy ministerial order 219/2020 and Alberta Environment and Parks (AEP) ministerial order 17/2020 can be found here and here, respectively.
The AER confirmed that despite the temporary suspension of various reporting requirements under regulatory approvals issued under the Environmental Protection and Enhancement Act, the Water Act and the Public Lands Act, the following reporting requirements continue to apply to operations regulated by the AER:
Alberta Energy ministerial order 219/2020 temporarily suspended various requirements under the Oil and Gas Conservation Act to the extent necessary to comply with applicable Public Health Act orders. The AER has clarified that the following AER requirements are temporarily suspended:
Industry must continue to record and retain complete documentation and make such documentation available to the AER upon request.
It is important to note the above AER clarifications apply only to AER regulatory requirements. Environmental permits and reporting requirements administered by AEP are not affected.
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Welcome to the Q2 2024 edition of the Norton Rose Fulbright International Restructuring Newswire.
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The Canadian Federal Budget 2024 proposes to broaden the scope of certain powers allowing CRA to request information from taxpayers, and sets out new consequences for non-compliant taxpayers.
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The alternative minimum tax is an additional income tax imposed under the Income Tax Act on individuals and certain trusts who would otherwise be able to reduce their ordinary Canadian federal income tax through the use of certain deductions, exemptions or credits.
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