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Income Tax Act 2007

Income - Income from petroleum mining

CT 5: Petroleum mining operations outside New Zealand

You could also call this:

“Rules for petroleum mining outside New Zealand”

This part of the law talks about petroleum mining that happens outside of New Zealand. If you’re a petroleum miner and you do mining work outside of New Zealand, some rules still apply to you. These rules are the same ones that apply to mining inside New Zealand, but they might be changed a bit to fit the situation.

The rules apply if you’re doing your mining work through a branch or a company that you control in another country. The work you’re doing has to be very similar to the petroleum mining activities that are covered by the rules for mining in New Zealand.

These rules also cover what happens when you stop mining and need to clean up the area. This is called decommissioning.

There are two other parts of the law that are important here. One is about selling ownership in companies that do petroleum mining. The other is about arrangements where you let someone else do some of the mining work. These parts of the law also apply to mining outside of New Zealand.

Remember, all of these rules only apply if your work outside New Zealand is very similar to the mining work that’s done inside New Zealand.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1512964.

Topics:
Money and consumer rights > Taxes
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“Rules for restarting oil or gas production after previously stopping”

Part C Income
Income from petroleum mining

CT 5Petroleum mining operations outside New Zealand

  1. This subpart, and sections CX 42 (Disposal of ownership interests in controlled petroleum mining entities) and CX 43 (Farm-out arrangements for mining operations), apply, with any necessary modifications, to a petroleum miner who undertakes petroleum mining operations that are, or decommissioning that is—

  2. outside New Zealand and undertaken through a branch or a controlled foreign company; and
    1. substantially the same as the petroleum mining activities governed by this subpart and sections CX 42 and CX 43.

      Compare
      Notes
      • Section CT 5: amended, on , by section 26(1) (and see section 26(3) for application) of the Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 (2018 No 5).
      • Section CT 5: amended, on , by section 13 of the Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Act 2014 (2014 No 4).
      • Section CT 5 list of defined terms decommissioning: inserted, on , by section 26(2) of the Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 (2018 No 5).