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PETROLEUM - Coggle Diagram
PETROLEUM
Allowable Expenses
- To deduct the person’s gross income
- Must be wholly and exclusively incurred
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Provision amount of services, public amenities and contributions
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Basis Period
Section 5(1) of PITA, accounting period ending on any day in a year of assessment shall
constitute the basis period for that year of assessment
Section 5(2) of PITA, meaning of accounting period
12 months - first sale or disposal of petroleum, whichever is earlier
shorter period commencing and ending either on date selected by chargeable person approved by Director General or ceased by the chargeable person
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< 12 months & ceased to be engaged in petroleum operation or ceased to derive income from the operations, whichever is later.
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