Acts Online
GT Shield

Income Tax Act, 1962 (Act 58 of 1962)

Schedules

Tenth Schedule: Oil and Gas Activities

6. Exploration and post-exploration expenses

 

6. If a company holds an oil and gas right contemplated in paragraph (a) or (b) of the definition of ‘oil and gas right’ during any year of assessment—
a) that company is deemed to be carrying on a trade in respect of that oil and gas right; and
b) expenditure and losses incurred by that company in respect of that oil and gas right are deemed to be incurred in the production of income of that company.

[Section 6 amended by section 158 of Act No. 31 of 2013]