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 · General
Income Tax (Petroleum) Act · 2022 Revised Edition · Part · General
Official textFrom Attorney General's Chambers, unchanged
No tax shall be charged by the Government under the provisions of the Income Tax Act (Chapter 35) or any other Act in respect of any profits or income which are brought into charge, under the provisions of this Act, in the calculation of the amount of any chargeable profits upon which tax is
chargeable profits
“chargeable profits” means profits ascertained in accordance with the provisions of section 8 or 10A;
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;
44
levied and paid under the provisions of this Act, or in respect of any dividends paid out of such profits or income.
chargeable profits
“chargeable profits” means profits ascertained in accordance with the provisions of section 8 or 10A;
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;