Tax Book 2023

Oil, Natural Gas and Other Mineral Deposits Chapter- 26

(c) Business income

(d) Capital gains

Q.14. Depletion allowance shall be allowed up to the ____%.

(a) 10

(b) 20

(c) 30

(d) 40

Q.15. An amount equal to the __ shall be set apart and left as a reserve to be utilized for the
development and expansion of such undertaking.
(a) depletion allowance
(b) total expenses incurred

(c) total income earned

(d) all of the above

Q.16. The aggregate of taxes on income paid on or after 1.7.2001 shall not be less than ___% of the profits
or gains derived by an onshore petroleum exploration and production undertaking
(a) 40

(b) 50

(c) 60

(d) 70

Q.17. The aggregate of taxes on income paid on or after 1.7.2001 shall not be less than ___% of the profits
or gains derived by an offshore petroleum exploration and production undertaking
(a) 40

(b) 50

(c) 60

(d) 70

Q.18. In respect of any tax year commencing on or after 1.7.2002 the aggregate of taxes on income paid on
or after 1.7.2001 shall not be less than ___% of the profits or gains derived by an onshore petroleum
exploration and production undertaking

(a) 40

(b) 50

(c) 60

(d) 70

Q.19. With effect from the Tax Year 2010. "Decommissioning Cost" as certified by a Chartered Accountant
or a Cost Accountant shall be allowed over a period of ___ years or the life of the development and
production or mining lease whichever is less.

(a) 12

(b) 11

(c) 10

(d) 15