Finance Act 2023 Chapter V — AMENDMENTS TO THE PETROLEUM (INCOME TAX) ACT 1967

Commencement of amendments to the Petroleum (Income Tax)

s 22

This Chapter has effect for the year of assessment 2023 and subsequent years of assessment.

Amendment of section 30

s 23

The Petroleum (Income Tax) Act 1967, which is referred to as the “principal Act” in this Chapter, is amended by inserting after subsection 30(1) the following subsection: “(1 a ) For the purposes of this section, a chargeable person shall furnish to the Director General a return in the prescribed form on an electronic medium or by way of electronic transmission in accordance with section 82a.”.

Amendment of section 30a

s 24

The principal Act is amended by inserting after subsection 30a(1) the following subsection: “(1 a ) For the purposes of this section, a chargeable person shall furnish to the Director General a return in the prescribed form on an electronic medium or by way of electronic transmission in accordance with section 82a.”.

Amendment of section 30b

s 25

The principal Act is amended by inserting after subsection 30b(1) the following subsection: “(1a) For the purposes of this section, a chargeable person shall furnish to the Director General an amended return in the prescribed form on an electronic medium or by way of electronic transmission in accordance with section 82a.”.

New section 30c

s 26

The principal Act is amended by inserting after section 30b the following section: “Amendment of return on expenditure during exploration period

s 30C

(1) Where for an exploration period a chargeable person has furnished a return in accordance with subsection 30a(1), that person may make amendment to such return in an amended return as prescribed by the Director General in respect of the amount of exploration expenditure incurred by that chargeable person in relation to petroleum operations in the exploration period. (2) An amended return under subsection (1) shall only be made after the due date for the furnishing of the return pursuant to subsection 30a(1), but not later than six months from that date. (3) For the purposes of this section, the amended return shall— (a) specify the amount or additional amount of exploration expenditure incurred by that chargeable person in relation to petroleum operations in that period; or (b) contain such particulars as may be required by the Director General. (4) The amendment under subsection (1) shall only be made once.”. Amendment of section 82a 27. The principal Act is amended by substituting for subsection 82a(1) the following subsection: “(1) Any chargeable person— (a) shall, if so required under this Act; or (b) may, if so allowed by the Director General, furnish any form prescribed under this Act (in this section referred to as the “prescribed form”) on an electronic medium or by way of an electronic transmission.”.