This note is not part of the regulations, but is intended to indicate their general effect.
These regulations come into force on the 28th day after the date of their notification in the Gazette.
The regulations require the Fonterra Co-operative Group Limited (Fonterra) to pay a levy of $234,000 in 2 equal instalments of $117,000 to the Minister with—
the first instalment due within 28 days after the commencement of these regulations; and
the second instalment due within 6 months after the expiration of 28 days after the commencement of these regulations.
The sum of $232,875 was under-recovered in respect of the levy paid for the 2005/2006 financial year under the Dairy Industry (Fonterra Levy) Regulations 2005.
The sum of $561,375 was over-recovered in respect of the levy paid for the 2006/2007 financial year under the Dairy Industry (Fonterra Levy) Regulations 2006.
The Minister of Agriculture has added the under-recovery to, and subtracted the over-recovery from, the levy of $562,500 that would otherwise be payable by Fonterra for the 2007/2008 financial year.
The purpose of the levy is to pay the Commerce Commission's costs of making and enforcing determinations under the Dairy Industry Restructuring Act 2001, and the cost of enforcing parts of that Act.