s 4 Manner in which chargeable income is to be ascertained
(1) Subject to this Act, the chargeable income of a chargeable person upon which tax is chargeable for a year of assessment shall be ascertained in the following manner: (a) first, the basis period for his petroleum operations for that year shall be ascertained in accordance with Chapter 1 of Part III; (b) next, his gross income for the basis period for that year shall be ascertained in accordance with Chapter 2 of that Part; (c) next, his adjusted income or adjusted loss for the basis period for that year shall be ascertained in accordance with Chapter 3 of that Part; (d) next, his statutory income for that year and his assessable income for that year shall be ascertained in accordance with Chapter 4 of that Part; and (e) next, his chargeable income for that year shall be ascertained in accordance with Chapter 5 of that Part. (2) For the purposes of this Act, any income and any adjusted loss of a chargeable person from petroleum operations may be ascertained for any period notwithstanding thatβ (a) the chargeable person in question may have ceased to be engaged in petroleum operations prior to that period; or (b) in that period those petroleum operations may have ceased to produce gross income or may not have produced any gross income. (3) For the avoidance of doubt, it is hereby declared that for the purposes of this Act, the chargeable income from petroleum operations of any person other than Petroleum Nasional Berhad or the Malaysia- Thailand Joint Authority shall be ascertained by reference to each petroleum agreement separately.