Corporate Income Tax exemption - Refinery set up
Name of Incentive
Corporate Income Tax exemption - Refinery set up
Type of Incentive
Tax Incentive
Ministry
Agency
Sector
Petroleum Refining
Sub Sector
Product/Activity
Incentive Details
Description
[(126BA) Profits and gains derived by a refinery set up between the 1st day of July, 2018 and the 30th day of June, 2023 with minimum 100,000 barrels per day production capacity for a period of twenty years beginning in the month in which the refinery is set up or commercial production is commenced, whichever is later. Exemption under this clause shall also be available to existing refineries, if—
(a) existing production capacity is enhanced by at least 100,000 barrels per day;
(b) the refinery maintains separate accounts for income arising from aforesaid additional production capacity; and
(c) the refinery is a deep conversion refinery.]
