Clause 15

Notwithstanding section 43, the Minister may by regulations provide that tax at the rate of 10% or such other concessionary rate be levied and paid for each year of assessment upon such income as the Minister may specify of an approved oil trading company derived on or after 1st January 1989 from such transactions in petroleum, petroleum products or petroleum futures as may be prescribed, and those regulations may provide for deduction of losses otherwise than in accordance with section 37(2).(2) For the purposes of this section —“approved” means approved by the Minister or such person as he may appoint;“oil trading company” means a company carrying on a business of trading in petroleum, petroleum products or petroleum futures.”.