In force2022 Revised EditionCurrent version · 2022 Revised EditionSee versions on Attorney General's Chambers(opens the publisher’s site)
Income Tax (Petroleum) Act · 2022 Revised Edition · Part · Ascertainment of Assessable Tax and Chargeable Tax
Income Tax (Petroleum) Act · 2022 Revised Edition · Part · Ascertainment of Assessable Tax and Chargeable Tax
Official textFrom Attorney General's Chambers, unchanged
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.
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 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.
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;
chargeable profits
“chargeable profits” means profits ascertained in accordance with the provisions of section 8 or 10A;
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;
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.
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