Finance Act 2007 · s 66

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s 66Amendment of section 16

The Petroleum (Income Tax) Act 1967, which is referred to as the “principal Act” in this Chapter, is amended in section 16—

(a)

in subsection (7a), by inserting after the word “equipment”

the words “, or on the alteration or renovation of premises”; and

(b)

by inserting after subsection (7b) the following subsection:

“(7ba) An amount equal to the expenditure incurred by a chargeable person on the provision of infrastructure in relation to his business which is available for public use, subject to the prior approval of the Minister:

Provided that where a deduction has been made under this paragraph, no further deduction of the same amount shall be allowed under subsection 22(1).”.