Finance Act, 2001
Amendment of provisions relating to exploration and exploitation activities. |
44.—The Principal Act is amended— | |
(a) in section 13 by the substitution for subsection (4) of the following: | ||
“(4) Where exploration or exploitation activities are carried on by a person on behalf of the holder of a licence or lease granted under the Petroleum and Other Minerals Development Act, 1960 , such holder shall, for the purpose of an assessment to income tax, be deemed to be the agent of that person.”, | ||
(b) in section 567 by the substitution for subsection (3) of the following: | ||
“(3) Where exploration or exploitation activities are carried on by a person on behalf of the holder of a licence or lease granted under the Petroleum and Other Minerals Development Act, 1960 , such holder shall for the purpose of an assessment to capital gains tax be deemed to be the agent of that person.”, | ||
and | ||
(c) in Schedule 1 by the insertion after paragraph 6 of the following: | ||
“Interpretation | ||
7. In this Schedule a reference to a licence granted under the Petroleum and Other Minerals Development Act, 1960 , includes a reference to a lease granted under that Act.”. |