MT
48 tal-1991
Statutory Text (4 Articles)
I NCO"' I~
TAX ACT
(CM'. 123)
l't tnMum I'ruductlun l'rofilS (Iklcm.i nalion or Total II1('0111C)
(Amendment) Rulo.'!i. 1991
IN cxerci!>C of Ihe powers con ferred b} Subseclion ( I) of scclion 13
;1I'1d ,ubseclilln ( I ) ()f ,,<,e lion 9J of Ihl' Income T"x A CI, the Minbte r of
Finu nn' h;" m;,dc Ihe following rulcs:-
I . Thc<c ru,,"< m:,y he dted as the Petroicum Production ProfilS
( DC'lc rminm iun of T"WI I ",,)me) ( A mendmenl) Rules. 1991. and ,hall
h.: r ... :,d :tnd eon~tr\lcd as onc wil h the I'elroicutn Production I'mfih
""i
n:ll ion ofT, I1 "I I ncu",e) Rule<. I 'm2. haeinaft.' r T<.'krred to as
"Ihc I' rinci p:1I rulc~" .
For rule 4 o f Ihe prindpa l ru le, there ,hull lx' ,ut>slilll1~'rl Ihe
fullowing. neW rules
J . N01"ilh'lntllling 11.0.' pr""i,ion, of ruk' " h" fenf. the
'T pT< ,fil' derh'cd tw , " ""I""on
,
"a;n"
for " n, . e"tend", . I i.'ar fmm
".".\'n,""<'
,--
:I petr"lcu,n pn>(lircli,ul ,h:trin)! cnnlT"e! entered ,nln nn or
aft~r the r, ,,1 day " f J:uu""y. 1991. .h,,1I 1-<' a ....... n;,incd hI
dcdu,·ting fmm Ih<' "'1:01 nr Ihe ,,"I rC"l\ e~ pelmlcum and
,'f
I he ,ha rc pT< ,lil pe lT< ,kum aceruin)! 1<1 'lld, peN III ro, that
~e:" under Ih e ",id enmr..~t. Ihe re"wer..hle nN, ",
delC' fmi IIcd t. "der th .. ' Cl "H r.lct . and n", yel ful1~ re"" cred h~
Ihe ,aid I~N'n \Vhl're :.(1.·, ,ueh d,,'duet;<ln Il'I<'r" remain,
,my ha la n.:e .,( un"h,,'rhed fCClwer:ohk C""'IS. the am .. unl nf
'lKh unlll>,,'rhcd c. "I, 'h:oll Ix' ":orricd f",ward 10 11", f"Uow.
ing ~'e: 1f "mJ ,hall lx, add.· .. In. ,,,,d h.:cumt' parI nf. Ihi.'
rc,,,, .. 'rahlc 1.',,,1' f •• r Ih:1I yea r, 'Ill" p"""edur~ ~h:oll lx'
,·"rr;"'u "n in ",t""·ql1 .. 'nl ~ ca"
~1r.'lcum
5 h,r Ihe puq" ..... ur Ihe,,", rul ...... ""ch
" ... ,,' pr"duCI;,l!!
" . ''''". and di,tinct ,har",)!
,~Intr'KI
de~11led
,h"n hoc
III h.: " -..epar:" ...
:UI~
"HITl'C ,If in<.\ '11le ;md
IX'N'n <k ri' in)! )!uin, or
p r"fi l' (,mn mure Ih an <In" 'lIeh ~~"'lra~1 ~h:oll hoc ",h)eel 10
\:1\ a, if he WCr<.' :t ..... paTll lc pcN'n "ilh r" 'pectln e~ch _uch
""111'.1('1. \Vh"f(' mn .... • I h:m " ne '~M1lmemal pelmleum field is"
.li" 1" er .. 'd in :1 0 'nlfilel ,ITI.':I in ""'pcl1 Hr "hieh :0 petroleum
rr<ldUel,un ~h,,,ing. ".nlr:oel., e nl"red inln h~ :m~ ~n.oll on
•• , "fl,'T th,' fi,,1 d'l~ of J :lnu:t~. 11)1)1 . Ih .. ' )!;linsor pr"fils fmm
ea<h such field ~hll n be subjcrl 10 ta~ as if ea<h field ron·
~tilutcs a sepa rate and distioct source of inCOflle arisi ng 10 a
separa te person. ~ howe\"er that the said person shall ha,·c
th.: right of identifying the fi eld or fields in tile said arc:, whe re
the cost of exploration operations an: to be taken into accou m
in ascertainin g the rclative )!:"ins or profits.··.
_ _ ",. .... ~'of '~/~ _ c"",n.
tl'l"'~ibI .. od-Dlponi ....... , • • ~ tft ~
KWiIia -
M"buP fl.t~", _ - . J .. . . Go,"' .. ~ .. ,...-, ,.,..,..
/-.·Iinkcjja d-dispoiizzjonijicl lar-regola ) la' dall'n
total; m,nn ir-r(:gol i, iI-<jlicgh Jew profiui mii1suba minn pen.un~ ghat ~i
:>cnn kalendarja minn kunmm dwar il-<j~im lnl-prodllzzioni
tal ' pitrolju maghmul fl-ell","el jum ta' bnnar, 1991 icw wara
ghandhom jigu ~Iabbili li billi jilnaqqa~ mi"'olal 131-(0.51
TtCOl'try ~Iroltu", U s-scl1cm 10' profit pttmltum li jak-
kumul311' li l dik il-po: rsun a ghal di k i)·~na t"hl I-im!;Cmmi
kUnl ran, II-kO'!I rck upcr"bbli kif ~mbbi l il 1II~ I il·k u nlralt. u I;
mn jkun x g~ ndu li-ie rdupcml ghal kollm mill·imscmmija
pcrsuna . • ,",Icta wam t.lak il-tnaqq;s ik on gh~d bit'!,,' ~ i bilam'
la ' kOSl rt:: kupcrilbb li rnhux assorhit. I'ammon! la' dak il -ko,t
mh ul( il~SQrbit ghand u jingieb 'il quddicm l!ha)·\Cna ,ut-
tes~ivn U ghandu jiidied mal-kosl rduperabbli ghal di k ;,-
.enn u j~i r pani mi nnu. Din il-pr.xedurll ghandha tkomp'i lo'Ii r
fi$-snin 'U).egll,;,n ti.
GhalHini la' da",n ir-rego'i. lull kunml11 dwar il·
><"l"'~'''~' q)im lal-produzzjoni lal-pitrulju ghandu Jilqie, li hu gha in m'
i"coml' '\Cp" ra! U di~,inl u kull pe r,una li lik ...... b qljegh je"
profiHi minn ikm r minn kum rall lI'iehl-d bhal dak lkun
)utsclla g~a!-laxxa daq~h kidu kicnCI pcr,una ...... p"rata d"ar
kull kunlrnu bhal dak. Mcta t;gi ,kopcrln itl"r minn zon"
kumm c rtjali waMa lal -pilrol ju f area lit' k unl mlt Ii dll'1I rha xi
pen.unn ,idh,,1 f kuntral1 t.lwar il·q~im lal-plOxlunJ"ni lal·
pilmlju fI -c"'wcl jum tH' Jannar. 1991 je"' "'ara . il-qliegh jcw
pro fiui minn ku ll ton a bhal dik ikunu ~uM<' lti ghat- ta_~"a
daq,likidu kull zona tikkosti twiui ghajn ta ' itlcomr .cpara\
u di"int li jinqala' rninn pe,-:"una ""-""parat:!. heH ihla li 1-
irn~m m ij:1 pcrsuna jkollha d-drin h !idc n!ifika 2·1.<)na jcw
"'111' fI-im.;cmmija area fe jn il·kllS! 13' ope ra7.Zjonii ic l ta'
e,plnrazzj"ni ghandu jinichcd in konsidcmzzjoni n·iffissar
tal -qlic·gh jc'w profini re bnivi.··.