Section 33, No. The Extractive Industries Revenue Act 2018No. The Extractive Industries Revenue Act 2018

(1) Subject to this section , gross receipts of a separatepetroleum operation for a year of assessment shall be the sum of the following gross amounts without deduction– (a) gross amounts directly included in calculating income from the petroleum operation for the year as stipulated under section 24, including service fees and amounts received from the disposal of petroleum and other trading stock; Accumulated net receipts and accumulated net expenditure. Net receipts and net expenditure. Gross Receipts. Year of Commen- Cement (a) interest or other financial costs, including an amount treated interest under the Income Tax Act, 2000; (b) amounts claimed as capital allowances, but not to limit a deduction under paragraph (b) of subsection (1); (c) losses referred to in section 26 and paragraph (c) of subsection (1) of section 32 and section 32A of the Income Tax Act, 2000; (d) subject to section 36, amounts included in the adjusted cost base of a petroleum right including bonus payments; and (e) payments to acquire an interest in the profits, receipts or expenditures of the petroleum operation and payments made for such interests. (3) Expenditure shall not be deductible expenditure to the extent that it exceeds the requirements of section 95 of the Income Tax Act, 2000.