1.Section 88 and Schedule 42 provide that a company will continue to be a participator for the purposes of the petroleum revenue tax (PRT) legislation until the point when decommissioning has been completed, even though it has ceased to be a licensee (and thus within the scope of PRT) because of an event such as the expiry of a licence.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
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