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

Avoidance by
transfer
Indemnification
of
representative
26. Where a company which is or was engaged in petroleum operations
transfers a substantial part of its assets to any person without having
paid any tax, assessed or chargeable upon the company, for any
accounting period ending prior to such transfer and in the opinion of the
Board one reason for such transfer by the company was to avoid
payment of such tax then that tax as charged upon the company may be
sued for and recovered from that person in a manner similar to a suit for
any other tax under section 45 of this Act subject to any necessary
modification of that section.
27. Every person answerable under this Act for the payment of tax on
behalf of a company may retain out of any money in or coming to his
hands or within his de facto control on behalf of such company so much
thereof as shall be sufficient to pay such tax, and shall be and is hereby
indemnified against any person whatsoever for all payments made by
him in accordance with the provisions of this Act.
Part VI - ACCOUNTS AND PARTICULARS
Preparation
and delivery
of accounts
and
particulars.
28. (1) Every Company which is or has engaged in petroleum
operations shall for each accounting period of the company, make up
accounts of its profits or losses, arising from those operations, of that
period and shall prepare the following particulars –
(a) computations of its estimated adjusted profit or loss and of
its estimated assessable profits of that period;
Second
Schedule
(b) in connection with the Second Schedule to this Act, a
schedule showing –
(i) the residues at the end of that period in respect of its
assets
(ii) all qualifying petroleum expenditure incurred by it in
that period,
(iii) the values of any of its assets ( estimated by
references to the provisions of that Schedule) disposed of
in that period, and
(iv) the allowances due to it under that Schedule for that
period;
(c) a computation of its estimated chargeable profits of that
period;
(d) a statement of other sums, deductible under section 20 of this
Act the liabilities for which were incurred during that period;
Annotation
13A
- 444 -