This content is restricted.
Brief
Act Title: Petroleum Resource Rent Tax (Imposition u2014General) Act 2012
Acts as: An Act to impose a tax on the profits of certain petroleum projects, excluding duties of customs and excise.
Key Provisions:
1. The Act imposes a tax on the taxable profit of a person of a year in relation to a petroleum project, effective from 1 July 1986.
2. The rate of tax is 40% of the taxable profit.
3. The Act does not impose a tax on property of any kind belonging to a State.
Key Dates:
1. Assessment Act: Petroleum Resource Rent Tax Assessment Act 1987
2. Commencement: 1 July 2012
Summary in Brief: This Act aims to impose a tax on the profits of certain petroleum projects, with a rate of 40% and excluding duties of customs and excise.
Highlights content goes here...
This content is restricted.
RADA.AI
Hello! I'm RADA.AI - Regulatory Analysis and Decision Assistance. Your Intelligent guide for compliance and decision-making. How can i assist you today?
Suggested
