Income Tax (Petroleum) Act · 2022 Revised Edition · Part · Imposition of Tax and Ascertainment of Chargeable Profits
11. Collector may disregard, vary or adjust arrangements
Official textFrom Attorney General's Chambers, unchanged
Where the Collector is satisfied that the purpose or effect of any arrangement is directly or indirectly —
Collector
“Collector” means the Collector of Income Tax appointed under section 3 and includes for all purposes of this Act, except the powers conferred on the Collector by sections 38, 39 and 42, a Deputy Collector so appointed;
to alter the incidence of any tax which is payable by, or which would otherwise have been payable by, any person;
to relieve any person from any liability to pay tax or to make a return under this Act; or
Income Tax (Petroleum)
to reduce or avoid any liability imposed or which would otherwise have been imposed on any person by this Act, he may, without prejudice to such validity as it may have in any other respect or for any other purpose, disregard or vary the arrangement and make such adjustment as he considers appropriate, including the computation or re-computation of gains or profits, and the imposition of liability to tax, so as to nullify any tax advantage obtained or obtainable from or under that arrangement.
In subsection (1), “arrangement” includes any scheme, trust, grant, covenant, agreement, disposition and transaction, and all steps by which it is carried into effect.
Nothing contained in this section shall prevent the decision of the Collector in the exercise of any discretion given to him by this section from being questioned in an objection or an appeal against an assessment in accordance with Parts 7 and 8.
Terms defined in s 2
Collector
Defined · s 2“Collector” means the Collector of Income Tax appointed under section 3 and includes for all purposes of this Act, except the powers conferred on the Collector by sections 38, 39 and 42, a Deputy Collector so appointed;
person
Defined · s 2“person” means any individual or group of individuals and any company, corporation or other body;
petroleum
Defined · s 2“petroleum” means any mineral oil or relative hydrocarbon and natural gas existing in its natural condition and casing-head petroleum spirit but does not include coal or bituminous shales or other stratified deposits from which oil can be extracted by destructive distillation;
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Ascertainment of Assessable Tax and Chargeable Tax
Part 5
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Returns
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Assessments
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Appeals
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Collection, Recovery and Repayment of Tax
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Offences and Penalties
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