(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
(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 -
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 ch
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