Petroleum (Income Tax) (Exemption) Order 2023
- CCS
- Dec 24, 2023
- 1 min read
Petroleum (Income Tax) (Exemption) Order 2023 [P.U. (A) 337, gazetted on 07/11/2023] grants tax exemptions to PC JDA Limited, Hess Oil Company of Thailand (JDA) Limited, Hess Oil Company of Thailand Limited Company, and PTTEP International Limited for income derived from the Malaysia-Thailand Joint Development Area.
The exemption is effective from the year 2024 and does not exempt these companies from other obligations under the Act.
The order was issued by the Minister of Finance on 27 October 2023.
The purpose of the exemption granted by the Petroleum (Income Tax) (Exemption) Order 2023 is to exempt certain companies from the application of section 49A of the Petroleum (Income Tax) Act 1967 in respect of the income derived from the Malaysia-Thailand Joint Development Area. Specifically, the companies PC JDA Limited, Hess Oil Company of Thailand (JDA) Limited, Hess Oil Company of Thailand Limited Company, and PTTEP International Limited are exempted in the basis period for a year of assessment from this particular section of the Act.
The exemption does not absolve the companies from complying with other obligations under the Act.
Despite the exemption, the companies are still required to submit any return or statement of accounts or to furnish any other information as required under the Act.
Comments