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(1) A person who is engaged in a petroleum operation shall, not later than four months after the end of the year of assessment, furnish the Commissioner-General with a return for each separate petroleum operation for a year of assessment.

(2) The annual return shall include

(a) a statement containing the full names, addresses, nationality, salaries, wages, fees and allowances of the persons employed in the country;

(b) a statement of the amount of production during the year of assessment and the share of that person in the production;

(c) a statement of the price paid for the sale or export without sale of the person’s share of the petroleum produced;

(d) information relating to matters referred to in this section that is provided under the petroleum agreement; and

(e) any other statement or information required to be provided under this Act.

(3) For the purpose of subsection (2)(c), where there is a dispute regarding the price applicable in respect of that person’s share of the petroleum produced in the year of assessment, the chargeable income of that person shall be calculated on the basis of the price proposed by that person.

(4) Where a final determination of the price is made in accordance with the terms of a petroleum agreement, the person shall submit a fresh return indicating

(a) the determined price;

(b) any adjustment required to be made on account of the determined price; and

(c) tax due where applicable.

(5) The returns shall be submitted within thirty days of the final determination of the price.