Finance (No. 2) Act 2014 chapter iii — AMENDMENTs TO ThE PETROLEuM (iNcOME TAx) AcT 1967

commencement of amendments to the Petroleum (Income tax) act 1967

s 24

(1) section 25 comes into operation on the coming into operation of this Act. (2) section 26 comes into operation on 1 January 2015. amendment of section 39

s 25

The Petroleum (income Tax) Act 1967, which is referred to as the “principal Act” in this chapter, is amended in section 39 by inserting after subsection (4) the following subsection: “(5) The Director General, where for any year of assessment it appears to him that no or no sufficient assessment has been made on a chargeable person chargeable to tax in consequence of the Director General’s determination pursuant to subsection 72a(3), may in that year or within seven years after its expiration make an assessment or additional assessment, as the case may be, in respect of that chargeable person in the amount or additional amount of chargeable income and tax or in the additional amount of tax in which, according to the best of the Director General’s judgment, the assessment with respect to that chargeable person ought to have been made for that year.”. amendment of section 49A

s 26

subsection 49a(16) of the principal Act is amended in the definition of “due date” by substituting for the word “tenth” the word “fifteenth”.