Income Tax (Petroleum) Act · s 13

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s 13Assessable tax and chargeable tax

(1)

The assessable tax for each year of assessment shall be an amount equal to 55 per cent of the chargeable profits (subject to any allowance due under section 8A) of a company for the basis period for such year of assessment.

(2)

The chargeable tax for each year of assessment to be charged, assessed and paid by a company under the provisions of this Act, shall be the amount of its assessable tax for that year of assessment.