Section CW 57 — Income Tax Act 2007: Non-resident company involved in exploration and development activities

CW 57 Non-resident company involved in exploration and development activities Exempt income (1) An amount of income derived by a non-resident company from exploration and development activities in an offshore permit area is exempt income if it is derived in the period that— (a) starts on the beginning of the 2005–06 income year for the non-resident company; and (b) ends on 31 December 2014. Some definitions (2) In this section,— exploration and development activities means the following activities undertaken for the purposes of identifying and developing exploitable petroleum deposits or occurrences in an offshore permit area: (a) operating a ship to provide seismic survey readings: (b) drilling an exploratory well or other well offshore permit area means an area of land that is— (a) in New Zealand; and (b) on the seaward side of the mean high-water mark; and (c) a permit area or part of a permit area. Defined in this Act: amount , exempt income , exploration and development activities , exploratory well , New Zealand , non-resident company , offshore permit area , permit area , Compare: 2004 No 35 s CW 45B Section CW 57(1)(b): substituted (with effect on 31 December 2009), on 7 September 2010, by section 14 of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109).