SECTION PART I.- PRELIMINARY 1. Short title 2 ... - Lexadin

Chargeable
profits and
capital
allowances
Second
Schedule
shall be the amount of the assessable profits of that period after the
deduction of any amount to be allowed in accordance with the
provisions of this section.
(2) There shall be computed the aggregate amount of all allowances due
to the company under the provisions of the Second Schedule for the
accounting period.
(3) In calculating the amount of the deduction to be allowed under this
section for the accounting period, the limitation imposed by subsection
(4) of this section shall be applied to ensure that the amount of any tax
chargeable on the company for that period shall be not less than fifteen
per cent of the tax which would be chargeable on the company for that
period if no deduction were to be made under this section for that
period.
(4) The amount to be allowed as a deduction under subsection (1) in
respect of the said allowances shall be-
(a) the aggregate amount computed under subsection (2) of
this section; or
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(b) a sum equal to eighty-five per cent of the assessable
profits of the accounting period less one hundred and
seventy per cent of the total amount of the deductions
allowed as petroleum investment allowance computed
under the Second Schedule to this Act for that period.
Annotation
12
whichever is the less.
Second
Schedule
(5) Where the total amount of the allowances computed under
subsection (2) of this section cannot be deducted under subsection (1) of
this section owing to there being an insufficiency of or no assessable
profits of the accounting period or to the limitation imposed by
subsection (4) of this section, such total amount or the part thereof
which has not been so deducted as the case may be, shall be added to the
aggregate amount to be computed under subsection (2) of this section
for the following accounting period of the company, and thereafter shall
be deemed to be an allowance due to the company, under the provisions
of the Second Schedule to this Act for that following accounting period.
Part IV – ASCERTAINMENT OF ASSESSABLE TAX
AND OF CHARGEABLE TAX
Assessable tax
19. (1) The assessable tax for any accounting period of a company shall
be an amount equal to eighty-five per cent of its chargeable profits of
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