Assessment of chargeable income

The Chargeable Income of a Contractor derived from Petroleum Operations for the applicable Basis Year shall be determined by deducting from Gross Revenues for such Basis Year– (a) the value of any Royalty in such Basis Year; (b) the value of the Government’s total share of Net Petroleum in such Basis Year; and 71 (c) all allowable Expenditures incurred in such Basis Year. The Tax upon the Chargeable Income of a Contractor shall be charged at the tax rate of general application to all companies in Belize, and the Contractor shall be obligated to pay such Tax to the Government for the Basis Year in question.