Section 5

a period of twelve months commencing on the date of the first sale or disposal of chargeable petroleum by or on behalf of that chargeable person, whichever event shall be the earlier, or commencing on such date within the calendar month in which such event occurs as may be selected by that chargeable person with the approval of the

Director General;

such shorter period commencing as aforesaid and ending either on a date selected by that chargeable person with the

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approval of the Director General or on the date when that chargeable person ceases to be engaged in petroleum operations;

each subsequent period of twelve months during which that chargeable person is engaged in petroleum operations; or

any period of less than twelve months, being a period commencing on the day following the end of any such period of twelve months and ending on the date when that chargeable person ceases to be engaged in petroleum operations or on the date when that chargeable person ceases to derive income from its petroleum operations, whichever is the later.

by virtue of subsections (1) and (2) there has been taken as the basis period for a year of assessment of a chargeable person an accounting period ending on any day in that year of assessment; and

there is a failure to make up the accounts of that chargeable person for an accounting period ending on the corresponding day in the year following that year of assessment, the Director General may direct that the basis period for the year of assessment in which the failure occurs, or the basis periods for that year and the following year of assessment, shall consist of a period or periods (which may be of any length) as specified in the direction.