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Income Tax (Amendment No. 3) Act 1998

PAPUA NEW GUINEA

Income Tax (Amendment No. 3) Act 1998

No. 19 of 1998.
Certified on: 06.08.1998

ARRANGEMENT OF SECTIONS.

1. Interpretation (Amendment of Section 4).
2. Exemption of Institutions (Amendment of Section 22A).
3. Losses and outgoings (Amendment of Section 68).
4. Deduction for residual exploration expenditure (Amendment of Section 164E).

AN ACT

entitled

Income Tax (Amendment No. 3) Act 1998,

Being an Act to amend the Income Tax Act 1959,

MADE by the National Parliament -

(a) in respect of Section 1, to he deemed to have come into operation on 1 January 1998; and
(b) in respect of Sections 2 and 4 - to be deemed to have come into operation on 1 January 1997; and
(c) in respect of Section 3 to be deemed to have come into operation on 11 November 1986.

1. INTERPRETATION (AMENDMENT OF SECTION 4).

Section 4 of the Principal Act is amended by repealing the word "non" occurring in the definition of "frontier area petroleum project" after the words "one or" and replacing it with the following:-

"more".

2. EXEMPTION OF INSTITUTIONS (AMENDMENT OF SECTION 22A).

Section 22A of the Principal Act is amended by repealing the words "The income of" and replacing them with the following:-

"With effect on and from 1 January 1997, the income of ".

3. LOSSES AND OUTGOINGS (AMENDMENT OF SECTION 68).

Section 68 of the Principal Act is amended -

(a) in Subsection (5), by inserting before the words "or capital assets" the following:-

• "plant"; and

(b) in Subsection (6), by inserting before the word "or capital assets" the following:-

• "plant"

4. DEDUCTION FOR RESIDUAL EXPLORATION EXPENDITURE (AMENDMENT OF SECTION 164E).

Section 164E(5) of the Principal Act is amended by repealing the formula and replacing it with the following new formula:-

I hereby certify that the above is a fair print of the Income Tax (Amendment No. 3) Act 1998 which has been made by the National Parliament.

Clerk of the National Parliament.

I hereby certify that the Income Tax (Amendment No.3) Act 1998 was made by the National Parliament on 7 July 1998.

Speaker of the National Parliament.