Continued application of old taxation code

(1)

Despite the repeal of the Petroleum (Timor Gap Zone of Cooperation) Act 1990 , the old taxation code continues to apply in relation to:

(a) dividends paid; and
(b) interest paid; and
(c) royalties paid; and
(d) gains of a capital nature accrued; and
(e) losses of a capital nature incurred; and
(f) income in respect of professional services, or other independent activities of a similar character, derived; and
(g) salaries, wages and other similar remuneration derived; and
(h) other income (but not including business profits) derived;

before 20 May 2002.

Application of new taxation code

(2)

Subject to section 19, the new taxation code applies in relation to:

(a) dividends paid or credited; and
(b) interest paid or credited; and
(c) royalties paid or credited; and
(d) gains of a capital nature accrued; and
(e) losses of a capital nature incurred; and
(f) income in respect of professional services, or other independent activities of a similar character, derived; and
(g) salaries, wages and other similar remuneration derived; and
(h) other income (but not including business profits) derived;

on or after 20 May 2002.

Note: Section 19 deals with the application of the new taxation code in relation to individual residents of East Timor.