Income Tax (Petroleum) Act · 2022 Revised Edition · Part · Assessments
27. Price Review Committee
Official textFrom Attorney General's Chambers, unchanged
The Price Review Committee for the purpose of any reference under section 26(5) shall consist of such person or persons as the company and the Collector may agree at the time of the reference.
person
“person” means any individual or group of individuals and any company, corporation or other body;
Failing such agreement the company and the Collector shall each have the right to appoint one member of the Committee. If either the company or the Collector fails to exercise this right within 30 days of the date of the reference, an appointment on its or his behalf, as the case may be, shall be made at the request of either party by the President of the Institute of
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;
Petroleum, London.
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;
The two members thus appointed shall within 30 days after their appointment jointly appoint a third member who shall be Chairman of the
Committee. If the first two members are unable to agree upon the appointment of the Chairman within the period of 30 days, the Chairman shall be appointed at the request of either party by the President of the
Institute of Petroleum, London.
The Committee shall make such rules governing the conduct of any reference to it as it shall think fit.
Income Tax (Petroleum)
Any discretion vested in the Committee by this section may be exercised by a majority of the Committee or failing a majority by the
Chairman.
If the Committee is not satisfied that the price of any petroleum sold or disposed of as stated in the return made by the company in respect of the basis period in question under section 19 is as high as the price referred to in section 8(1) and (2), then it shall determine the price in such higher amount as it considers appropriate. If it is so satisfied, then it shall confirm the price in the amount so stated by the company.
disposed of
“disposal” and “disposed of”, in relation to petroleum owned by a company engaged in petroleum operations, mean respectively — (a) delivery, without sale, of petroleum to a refinery for refining by or on behalf of the company; and (b) delivered, without sale, to a refinery for refining by or on behalf of the company;
If the company has made no return in respect of the basis period in question, the Committee shall determine the price in such amount as it considers appropriate.
The Committee shall make such order as it thinks fit as to the whole or any part of the costs of any reference to it.
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;
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;
disposed of
Defined · s 2“disposal” and “disposed of”, in relation to petroleum owned by a company engaged in petroleum operations, mean respectively — (a) delivery, without sale, of petroleum to a refinery for refining by or on behalf of the company; and (b) delivered, without sale, to a refinery for refining by or on behalf of the company;
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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