Income Tax Act · s 35A

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s 35ALiquefied natural gas

Notwithstanding the foregoing, where chargeable income of any company derives from —

(a)

the liquefaction of gas in its natural state;

(b)

the production of any other liquid petroleum or petroleum product from such gas; or

(c)

the sale or other disposition for reward of natural gas so liquefied or of such liquid petroleum or petroleum product from such gas, there shall be levied and paid in respect of each consecutive basis period after 31st December 1985 tax (in lieu of that which would otherwise be applicable under section 35) at such rate per cent on every dollar of the chargeable income of the company as the Minister shall determine.

B. Rights of deduction of tax