Income Tax (Petroleum) Act · 2022 Revised Edition · Part · Imposition of Tax and Ascertainment of Chargeable Profits
12. Further charge to tax; deduction of tax at source; indemnification of company deducting tax
Official textFrom Attorney General's Chambers, unchanged
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.
year of assessment
“year of assessment” means the period of 12 months commencing on the 1st day of January 1963, and each subsequent period of 12 months.
The paying company shall deduct the tax from any such payment due under the agreement and shall pay the tax so deducted to the
company
“company” means a company incorporated or registered in Brunei Darussalam under the Companies Act or under any law in force elsewhere, but does not include the company acting as a State Party in a petroleum mining Agreement in accordance with the Petroleum Mining Act;
Collector forthwith.
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;
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.
person
“person” means any individual or group of individuals and any company, corporation or other body;
Income Tax (Petroleum)
petroleum
“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;
Terms defined in s 2
Brunei Darussalam
Defined · s 2“Brunei Darussalam” includes the submarine areas beneath the territorial waters of Brunei Darussalam and the submarine areas beneath any other waters over which the Government exercises or may hereafter exercise sovereign rights in respect of minerals;
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;
company
Defined · s 2“company” means a company incorporated or registered in Brunei Darussalam under the Companies Act or under any law in force elsewhere, but does not include the company acting as a State Party in a petroleum mining Agreement in accordance with the Petroleum Mining Act;
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;
petroleum operations
Defined · s 2“petroleum operations” means searching for and winning or obtaining of petroleum in Brunei Darussalam by or on behalf of a company for its own account by any method or means in the course of a business carried on by a company engaged in such operations, and all operations incidental thereto, and the sale or disposal by such company or any other company carrying on business through a permanent establishment in Brunei Darussalam of petroleum so won or obtained, and includes the transportation within Brunei Darussalam by such companies of petroleum so won or obtained to any point of sale or delivery or export and any field process necessary to reduce petroleum so won or obtained to a marketable condition, but does not include — (a) any transportation of petroleum outside Brunei Darussalam; (b) any process of refining at a refinery; or (c) any dealings with products so refined;
year of assessment
Defined · s 2“year of assessment” means the period of 12 months commencing on the 1st day of January 1963, and each subsequent period of 12 months.
Part
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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