OIL AND GAS TAX UPDATE

Monday, December 02, 2013
  • SHARE THIS ARTICLE

When the draft Taxation Laws Amendment Bill, 2013 (the “draft TLAB”) was released in July this year, it sparked a lot of attention in the oil and gas industry, and specifically among parties with an interest in onshore oil and gas rights. The draft TLAB proposed for the definition of an “oil and gas right” in the Tenth Schedule to the Income Tax Act No 58 of 1962 (“the Tenth Schedule” and “the ITA” respectively) to be amended to exclude onshore oil and gas rights.

Read further