Section 22, No. The Extractive Industries Revenue Act 2018No. The Extractive Industries Revenue Act 2018

(1) A person conducting petroleum operations shall besubject to income tax for the operation as prescribed under the Income Tax Act 2000 (2) The income tax for petroleum operations for a year of assessment shall be calculated by applying the rate set out in paragraph 4 of the Second Schedule to a person’s chargeable income from petroleum operations for the year and if the person has other chargeable income, that income shall be charged at the appropriate rate under the Income Tax Act, 2000. (3) For the purposes of calculating a person’s chargeable income from petroleum operations– (a) each separate petroleum operation shall be treated as an independent business and the person shall prepare accounts for that business separate from any other activity of the person; and (b) the person shall calculate chargeable income, loss and income tax liability for the business independently for each year of assessment. (4) Section 95 of the Income Tax Act, 2000 shall apply– (a) to arrangements between a separate petroleum operation and other activities of the person conducting the petroleum operation (including other petroleum operations or refining or other processing operations of the person); and (b) as though the arrangements were conducted between associated persons. (5) Pursuant to subsection (4), the transfer of an asset to or from a separate petroleum operation shall be treated as an acquisition and disposal of the asset. Income Tax