Section 2

a period of 12 months commencing on the date of the first sale or disposal of petroleum by or on behalf of a company engaged in petroleum operations, whichever event shall be the earlier, or commencing on such date within the calendar month in which such event occurs as may be selected by the company with the approval of the Collector;

such shorter period commencing as aforesaid and ending either on a date selected by the company with the approval of the Collector or on the date when the company ceases to be engaged in petroleum operations;

each subsequent period of 12 months during which the company is engaged in petroleum operations; or

any period of less than 12 months, being a period commencing on the day following the end of any such period of 12 months and ending on the date when the company ceases to be engaged in petroleum operations;

“Auditor” means the Auditor General;

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“authentication code”, in relation to any person, means an identification or identifying code, a password or any other authentication method or procedure which is assigned to that person for the purposes of identifying and authenticating the access to and use of the electronic service by that person;

“basis period” for any year of assessment means an accounting period ending on any date within the year preceding the year of assessment;

“Brunei Darussalam” includes the submarine areas beneath the territorial waters of Brunei Darussalam and the submarine areas beneath any other waters over which the Government exercises or may hereafter exercise sovereign rights in respect of minerals;

“chargeable profits” means profits ascertained in accordance with the provisions of section 8 or 10A;

“Collector” means the Collector of Income Tax appointed under section 3 and includes for all purposes of this Act, except the powers conferred on the Collector by sections 38, 39 and 42, a

Deputy Collector so appointed;

“company” means a company incorporated or registered in

Brunei Darussalam under the Companies Act (Chapter 39) or under any law in force elsewhere, but does not include the company acting as a State Party in a petroleum mining

Agreement in accordance with the Petroleum Mining Act

(Chapter 44);

“control” means —

in relation to a body corporate, the power of a person to secure, by means of the holding of shares or the possession of voting power in or in relation to that or any other body corporate, or by virtue of any powers conferred by the articles of association or other document regulating that or any other body corporate, that the affairs of the first-mentioned body corporate are conducted in accordance with the wishes of that person; and

in relation to a partnership, the right to a share of more than one-half of the assets or of more than one-half of the income of the partnership;

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“crude oil” means oil in its natural state before the oil has been refined or otherwise treated but excluding water and foreign substances;

“disposal” and “disposed of”, in relation to petroleum owned by a company engaged in petroleum operations, mean respectively —

delivery, without sale, of petroleum to a refinery for refining by or on behalf of the company; and

delivered, without sale, to a refinery for refining by or on behalf of the company;

“electronic service” means the electronic service provided by the Collector under section 6A(1);

“Minister” means the Minister of Finance and Economy;

“person” means any individual or group of individuals and any company, corporation or other body;

“petroleum” means any mineral oil or relative hydrocarbon and natural gas existing in its natural condition and casing-head petroleum spirit but does not include coal or bituminous shales or other stratified deposits from which oil can be extracted by destructive distillation;

“petroleum operations” means searching for and winning or obtaining of petroleum in Brunei Darussalam by or on behalf of a company for its own account by any method or means in the course of a business carried on by a company engaged in such operations, and all operations incidental thereto, and the sale or disposal by such company or any other company carrying on business through a permanent establishment in

Brunei Darussalam of petroleum so won or obtained, and includes the transportation within Brunei Darussalam by such companies of petroleum so won or obtained to any point of sale or delivery or export and any field process necessary to reduce petroleum so won or obtained to a marketable condition, but does not include —

any transportation of petroleum outside

Brunei Darussalam;

any process of refining at a refinery; or

any dealings with products so refined;

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“production sharing agreement” means any petroleum mining agreement described as such and entered into by a State Party in accordance with the Petroleum Mining Act (Chapter 44);

“resident in Brunei Darussalam”, when applied to a company, means a company the control and management of the business of which are exercised in Brunei Darussalam;

“royalties” means and includes —

the amount of any yearly payments as to which there is provision for their deduction from the amount of any royalties under any petroleum mining agreement; and

the amount of any royalties payable under any such petroleum mining agreement less any such yearly payments deducted from those royalties;

“under common control” means in relation to any two persons, a situation where one person has control of the other, or some other person has control of both of them;

“year of assessment” means the period of 12 months commencing on the 1st day of January 1963, and each subsequent period of 12 months.