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Income Tax Act, 1962 (Act 58 of 1962)

Chapter II: The Taxes

Part I: Normal Tax

26B. Taxation of oil and gas companies

 

(1) The taxable income of any oil and gas company, as defined in the Tenth Schedule, shall be determined in accordance with the provisions of this Act but subject to the provisions of that Schedule.

 

(2) The dividends tax levied in respect of the amount of any dividend, as defined in section 64D, that is paid as contemplated in section 64E(2) by an oil and gas company, as defined in the Tenth Schedule, out of amounts attributable to its oil and gas income, as defined in that Schedule, shall be determined in accordance with this Act but subject to that Schedule.

 

(3) Part IIA of Chapter III of this Act applies to the Tenth Schedule notwithstanding any provision to the contrary contained in subsections (1) and (2).