Any expenditure incurred in relation to a foreign petroleum mining operation is only able to be offset against foreign-sourced income from petroleum mining operations. A tax credit for decommissioning of foreign petroleum mining operations is limited to New Zealand income tax paid on those operations.
New Zealand legislation
Income Tax Act 2007 Sections DT 1A, DT 20 (deductions), CT 5 (income) and LT 2
Last updated:
28 Apr 2021