Income Tax (Petroleum) Act · s 12

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12.
Further charge to tax; deduction of tax at source; indemnification of company deducting tax
(1) For each year of assessment there shall be levied and paid a tax at the rate of 55 per cent on any payments due by way of annuity, royalty or other such recurring payment relating to a former interest in and/or rights to petroleum in Brunei Darussalam which is received under any agreement entered into after the coming into force of this Act between a company engaged in petroleum operations and a person who has sold his interest in and/or rights to petroleum in Brunei Darussalam providing for such payments to be made to the latter.
(2) The paying company shall deduct the tax from any such payment due under the agreement and shall pay the tax so deducted to the
Collector forthwith.
(3) Every company deducting tax in accordance with the preceding subsection shall be and is hereby indemnified against any person whatsoever for all tax deducted and paid in pursuance of this section.

Income Tax (Petroleum)

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s 12Further charge to tax; deduction of tax at source; indemnification of company deducting tax

(1)

For each year of assessment there shall be levied and paid a tax at the rate of 55 per cent on any payments due by way of annuity, royalty or other such recurring payment relating to a former interest in and/or rights to petroleum in Brunei Darussalam which is received under any agreement entered into after the coming into force of this Act between a company engaged in petroleum operations and a person who has sold his interest in and/or rights to petroleum in Brunei Darussalam providing for such payments to be made to the latter.

(2)

The paying company shall deduct the tax from any such payment due under the agreement and shall pay the tax so deducted to the

Collector forthwith.

(3)

Every company deducting tax in accordance with the preceding subsection shall be and is hereby indemnified against any person whatsoever for all tax deducted and paid in pursuance of this section.

Income Tax (Petroleum)