( I) of section
60 of the Income-Tax Act. 1922 (XI of 1922). the Government is pleased to exempt non-resident
sub-contractors working in Bangladesh under I agreements which provide for the payment be the
oil companies the mount of tax payable by the non-resident sub-contractors in respect of their
income. pro tits and gains in Bangladesh. from so much of the tax on their income. pro tits and
gains received or deemed to be received by. or accruing or arising or deemed to accrue or arise to.
them in Bangladesh as exceeds the tax payable on such income. profits and gains if such income.
profits and gains had been their total income. Explanation. -In this Notification.-
(a) the expression "non-resident sub-contractor" means a person residing out of taxable-
territories and deriving income. pro tits and gains from the operation of drilling of oil.
geophysical survey. marine seismic survey. shallow water seismic surveyor any other activities
relating to petroleum operations under an agreement as a contractor to an oil company or as a
sub-contractor to the contractor to an oil company: and
(b), the expression "oil company" means a concern engaged in petroleum operations in
the taxable territories for the exploration and development of oil and gas. |
