Rule 2
Definitions
2. Definitions:
Unless the subject or context otherwise requires, in these Rules:
(a) “Exploration Capital Costs” means exploration capital costs as referred to in Rule 3.
(b) “Act “means the ⇔ Income Tax Act, 2031, (1974).
(c) “Contract Area” means contract area as referred to in the Petroleum Agreement.
(d) “Current Operating Costs” means current operating costs as referred to in Rule 4.
(e) “Contractor” means any Nepalese or foreign investor who may be a party to a Petroleum Agreement with Government of Nepal as referred to in Section 8 of the Nepal Petroleum Act, 2040 (1983).
(f) “Capital Costs” means capital costs pursuant to Rule 5.
∗
These Rules were made effective since 31 March 1986 by a Notification published in Nepal Gazette,
Part 3, Vol. 35, and No.50, dated 31 March 1986.
⇔ Income Tax Act, 2058 repealed Income Tax Act, 2031.
(g) “Petroleum Industry” means a Contractor conducting Petroleum Operations pursuant to the Nepal Petroleum Act, 2040 (1983).
(h) “Petroleum Agreement” means an agreement between Government of Nepal and a Contractor in respect of Petroleum Operations as referred to in Section 8 of the Nepal Petroleum Act, 2040 (1983).
(i) “Commercial Production Day” means the day on which a Contractor makes its first sale, exchange or transfer of Petroleum produced from a production Area under a Petroleum Agreement with or without
payment.
(j) “Accounting Period” means a year of income comprising a period of 12 consecutive months beginning with January 1 and ending on the following December 31, except in the following cases:
(a) The first Accounting Period shall begin on the Commercial Production Day and end on the following December 31.
(b) The last Accounting Period shall end on the day a Contractor ceases to carry on Petroleum Operations.
(k) “Calendar Quarter” means a period of three consecutive months beginning with January 1, April 1, July 1 or October 1 and ending on March 31, June 30, September 30 or December 31, respectively.
Unless the subject or context otherwise requires, in these Rules:
(a) “Exploration Capital Costs” means exploration capital costs as referred to in Rule 3.
(b) “Act “means the ⇔ Income Tax Act, 2031, (1974).
(c) “Contract Area” means contract area as referred to in the Petroleum Agreement.
(d) “Current Operating Costs” means current operating costs as referred to in Rule 4.
(e) “Contractor” means any Nepalese or foreign investor who may be a party to a Petroleum Agreement with Government of Nepal as referred to in Section 8 of the Nepal Petroleum Act, 2040 (1983).
(f) “Capital Costs” means capital costs pursuant to Rule 5.
∗
These Rules were made effective since 31 March 1986 by a Notification published in Nepal Gazette,
Part 3, Vol. 35, and No.50, dated 31 March 1986.
⇔ Income Tax Act, 2058 repealed Income Tax Act, 2031.
(g) “Petroleum Industry” means a Contractor conducting Petroleum Operations pursuant to the Nepal Petroleum Act, 2040 (1983).
(h) “Petroleum Agreement” means an agreement between Government of Nepal and a Contractor in respect of Petroleum Operations as referred to in Section 8 of the Nepal Petroleum Act, 2040 (1983).
(i) “Commercial Production Day” means the day on which a Contractor makes its first sale, exchange or transfer of Petroleum produced from a production Area under a Petroleum Agreement with or without
payment.
(j) “Accounting Period” means a year of income comprising a period of 12 consecutive months beginning with January 1 and ending on the following December 31, except in the following cases:
(a) The first Accounting Period shall begin on the Commercial Production Day and end on the following December 31.
(b) The last Accounting Period shall end on the day a Contractor ceases to carry on Petroleum Operations.
(k) “Calendar Quarter” means a period of three consecutive months beginning with January 1, April 1, July 1 or October 1 and ending on March 31, June 30, September 30 or December 31, respectively.