OIL SEARCH INCENTIVE
(N.Z. Press Assn.—Copyright) CANBERRA, June 12. Tax incentives to companies engaged in oil exploration in Australia and PapuaNew Guinea have been announced by the Federal Treasurer (Mr H. Holt).
Legislation will provide that money spent on buying rights to prospect or mine tor petroleum and on buying technical information relating to pennit areas will be allowable tax deductions, within larnite.
Preliminary spending on formatoon of oil exploration companies and on raising capital for prospecting or mining for petroleum will be deductions
A special depreciation provision will cover oil pipe-line
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Bibliographic details
Press, Volume CII, Issue 30157, 14 June 1963, Page 6
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92OIL SEARCH INCENTIVE Press, Volume CII, Issue 30157, 14 June 1963, Page 6
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