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Income Tax (Papua LNG Project Production Levy) (Amendment) Act 2020

PAPUA NEW GUINEA

INCOME TAX (PAPUA LNG PROJECT PRODUCTION LEVY) (AMENDMENT) ACT 2020

No. 24 of 2020.
Certified on: 17 NOV 2020

ARRANGEMENT OF SECTIONS

1. Interpretation (Amendment of Section 161).
2. Tax Credit Allowable (Amendment of Section 161A).

An Act

entitled

Income Tax (Papua LNG Project Production Levy) (Amendment) Act 2020,

Being an Act to amend the Income Tax Act 1959,

MADE by the National Parliament to come into operation in accordance with a notice in the National Gazette by the Head of State, acting with, and in accordance with the advice of the Minister.

1. INTERPRETATION (AMENDMENT OF SECTION 161)

Section 161 of the Principal Act is amended by:-

(a) inserting the following new definition:

• ""production levy" means production levy payable pursuant to Section 160A of the Oil and Gas Act 1998;"

2. TAX CREDIT ALLOWABLE (AMENDMENT OF SECTION 161A)

Section 161A of the Principal Act is amended by:-

(b) inserting in Subsection (1) after both instances of the words "development levy" the words "and production levy".

I hereby certify that the above is a fair print of the Income Tax (Papua LNG Project Production Levy) (Amendment) Act 2020 which has been made by the National Parliament.

Clerk of the National Parliament.
17 NOV 2020

I hereby certify that the Income Tax (Papua LNG Project Production Levy) (Amendment) Act 2020, was made by the National Parliament on 17 November 2020.

Speaker of the National Parliament.
17 NOV 2020