Definition(s)

Phase-in Portion

“Phase-in portion” means

  1. in respect of the first fiscal year of offshore production and, where applicable, the fiscal year immediately preceding the first fiscal year of offshore production, ten per cent,
  2. in respect of the first fiscal year following the first fiscal year of offshore production, twenty per cent,
  3. in respect of the second fiscal year following the first fiscal year of offshore production, thirty per cent,
  4. in respect of the third fiscal year following the first fiscal year of offshore production, forty per cent,
  5. in respect of the fourth fiscal year following the first fiscal year of offshore production, fifty per cent,
  6. in respect of the fifth fiscal year following the first fiscal year of offshore production, sixty per cent,
  7. in respect of the sixth fiscal year following the first fiscal year of offshore production, seventy per cent,
  8. in respect of the seventh fiscal year following the first fiscal year of offshore production, eighty per cent, and
  9. in respect of the eighth fiscal year following the first fiscal year of offshore production, ninety per cent;  fraction progressive.

Source: Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act, S.C. 1988, c. 28, Canada, current to May 26, 2013. Legislation

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