MALAYSIA: Petroleum Income Tax Act 1967 (Act No. 543 of 1967) (2015 Ed.)

Meta Data
Draft: 
No
Revision of previous policy?: 
Yes
Draft Year: 
1967
Effective Start Year: 
2015
Scope: 
National
Document Type: 
Act
Economic Sector: 
Energy
Energy Types: 
Oil, Gas
Issued by: 
Government of Malaysia
Overall Summary: 
An Act to impose a tax upon income from the winning of petroleum in Malaysia, to provide for the assessment and collection thereof and for purposes connected therewith.
Pricing
Energy taxation: 
Subject to and in accordance with this Act, a tax to be known as petroleum income tax shall be charged for each year of assessment on the income of every chargeable person, being income derived by such chargeable person from petroleum operations. Manner in which chargeable income is to be ascertained.---The chargeable tax for each year of assessment of a chargeable person shall be an amount equal to thirty-eight per cent of his chargeable income for that year of assessment:[...].