Income Tax Act 2007

  • not the latest version
CW 57 Non-resident company involved in exploration and development activities
Exempt income

(1)

An amount of income derived by a non-resident company from exploration and development activities in an offshore permit area is exempt income if it is derived in the period that—

(a)

starts on 1 January 2015; and

(b)

ends on 31 December 2019.

Some definitions

(2)

In this section,—

exploration and development activities

(a)

means the following activities undertaken for the purposes of identifying and developing exploitable petroleum deposits or occurrences in an offshore permit area:

(i)

operating a ship to provide seismic or electromagnetic survey readings:

(ii)

drilling an exploratory well or other well; but

(b)

does not include using a drilling rig of modular construction that is installed on an existing offshore platform

offshore permit area means an area of land that is—

(a)

in New Zealand; and

(b)

on the seaward side of the mean high-water mark; and

(c)

a permit area or part of a permit area.

Defined in this Act: amount, exempt income, exploration and development activities, exploratory well, New Zealand, non-resident company, offshore permit area, permit area

Compare: 2004 No 35 s CW 45B

Section CW 57(1)(a): replaced, on 1 January 2015, by section 34(1) of the Taxation (Annual Rates, Employee Allowances, and Remedial Matters) Act 2014 (2014 No 39).

Section CW 57(1)(b): replaced, on 1 January 2015, by section 34(1) of the Taxation (Annual Rates, Employee Allowances, and Remedial Matters) Act 2014 (2014 No 39).

Section CW 57(2) exploration and development activities: replaced, on 1 January 2015, by section 34(2) of the Taxation (Annual Rates, Employee Allowances, and Remedial Matters) Act 2014 (2014 No 39).