2. Rate
The rate of tax on taxable income attributable to oil and gas income of any oil and gas company must not exceed 28 cents on each rand of taxable income.
Category: Paragraph 2 (Tenth Schedule) – Rate
Paragraph 2
Paragraph 2 amended by section 71 of Act 8 of 2007 and section 90 of Act 60 of 2008 and substituted by section 137 of Act 22 of 2012 effective on 31 March 2013, applies in respect of: (a) years of assessment ending during the period of 12 months ending on that date; and (b) all years of assessment subsequent to any year of assessment contemplated in paragraph (a). Paragraph (2) substituted by section 155 of Act 31 of 2013 effective on 12 December 2013.