Income Tax (Petroleum) Act · s 8A

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s 8AAllowance against chargeable profits

(1)

In computing the tax assessable upon the chargeable profits for any basis period, there shall be allowed as deductions against the chargeable profits any royalties paid during or payable in respect of the basis period by the company in respect of petroleum won and saved by the company from the Scheduled Lands.

(2)

If during the basis period the Government should take crude oil in kind in lieu of royalty, the crude oil shall be valued at the price it would have been expected to realise if —

(a)

sold for export at the time of sale or disposal; and

(b)

the buyer and the seller had been persons not under common control but dealing at arm’s length in accordance with section 8(2).