Tax Exemption in relation to Late Life Asset Production Sharing Contract (PSC)
Late Life Asset Production Sharing Contract (PSC) The Late Life Asset (LLA) PSC was adopted by Petronas in 2019 for specific oil and gas fields nearing the end of their productive life with resources of less than 30 MMstb. These PSCs have better terms for Contractors, intending to extend the value of the fields until […]
Ascertaining Chargeable Income
1. Individual tax residents must subtract personal reliefs — such as those for the individual taxpayer, children, and so on — from their Total Income to arrive at Chargeable Income. 2. Next, it is necessary to apply the appropriate tax rates to the Chargeable Income, which are determined by: 👉 the type of taxpayer in […]
