Taxes Consolidation Act, 1997 (Number 39 of 1997)
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696H Charge to petroleum production tax.
(1)(a) An additional duty (in this Chapter referred to as a ‘petroleum production tax’) shall be charged for each taxable field in a relevant period of a company and the amount so charged shall be an amount calculated in accordance with paragraph (b).
(b) The amount calculated in accordance with this paragraph shall be the greater of—
(i)5 per cent of the gross revenue less transportation expenditure,
or
(ii)(I) 10 per cent of the net income, where the R factor in relation to a taxable field is equal to 1.5,
(II) an amount determined by the formula—
10 percent+ |
{ |
(R factor – 1.5) |
× |
(40 Per cent – 10 Per cent) |
} |
(4.5 – 1.5) |
multiplied by the net income, where the R factor in relation to a taxable field is greater than 1.5 and less than 4.5, or
(III) 40 per cent of the net income, where the R factor in relation to a taxable field is equal to or greater than 4.5.
(2)For the purpose of calculating petroleum production tax for a relevant period, section 696 shall apply as if the provisions of that section were extended to petroleum related assets.
(3)No charge to profit resource rent tax under section 696C shall apply to a taxable field to which this section applies.
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