Section 3: Determination of petroleum profit tax

1 The petroleum profits tax payable under a production sharing contract shall be determined in accordance with the Petroleum Profits Tax Act:
Provided that the petroleum profits tax applicable to the contract area as defined in the production sharing contracts shall be 50 per cent flat rate of chargeable profits for the duration of the production sharing contracts.
[Cap. P13]

2 Nothing contained in this Act shall be construed as having exempted the contractors from the payment of any other taxes, duties or levies imposed by any Federal, State or Local Government, or Area Council Authority.