Special deductibility for mineral oil prospecting permits agreement specified allowances replacing standard tax allowances under the Act. Section 42 permits special allowances specified in government agreements for businesses prospecting for or producing mineral oil, replacing or ... Summary
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Special deductibility for mineral oil prospecting permits agreement specified allowances replacing standard tax allowances under the Act.
Section 42 permits special allowances specified in government agreements for businesses prospecting for or producing mineral oil, replacing or supplementing ordinary Act allowances for abortive exploration, specified drilling and exploration expenditure and depletion upon commencement of commercial production, with computation and application governed by the agreement and necessary modifications to the Act.
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