Unless the subject or context requires otherwise, in these Regulations–
(a) “exploration capital expenditure” means exploration capital expenditure as per rule 3.
(b) "Act" means the Income Tax Act, 2058.
(c) "Contract Area" means the Contract Area under the Petroleum Agreement.
(d) "current operating expenses" means current operating expenses as per rule 4.
(e) "Contractor" shall mean a domestic or foreign investor who entered into a petroleum contract with the Government of Nepal in accordance with Section 8 of the Nepal Petroleum Act, 2040.
(f) "Capital Expenditure" means Capital Expenditure as per Rule 5.
(g) "Petroleum industry" means petroleum operations conducted by contractors in accordance with the Nepal Petroleum Act, 2040.
(h) "Petroleum agreement" means the agreement entered into by the Government of Nepal and the contractor in relation to petroleum work in accordance with Section 8 of the Nepal Petroleum Act, 2040.
(i) "Commercial production day" shall mean the day when the contractor transfers or exchanges or sells the petroleum produced from the production area for the first time, with or without receiving the price of the petroleum produced from the production area in accordance with the petroleum contract.
(j) "Accounting Period" means an income year of twelve months commencing on the 1st day of January and ending on the 31st day of December, except in the following cases -
(a) The first accounting period shall commence on the commercial production day and shall end on the 31st day of December of the same year.
(b) The last accounting period shall end on the date on which the contractor ceases to perform petroleum work.
(k) "Calendar Quarter" means an uninterrupted period of three months commencing on 1st January, 1st April, 1st July or 1st October and ending on 31st March, 30th June, 30th September or 31st December respectively.