Functional Currency Guidelines for the Petroleum Income Tax

On June 10th, 2020, the Minister of Finance announced guidelines for (1) the adoption and use of foreign functional currencies for Petroleum Income Tax purposes and (2) the calculation of the value of remaining currency, assets, liabilities, and other items in a company‚Äôs financial statements at the end of the accounting period. The regulations went … Continue reading Functional Currency Guidelines for the Petroleum Income Tax