Section 15: Amendment of section 10

Section 10 of the Principal Act is amended by inserting after paragraph (1), a new paragraph “(1a)” -
“(1a) any amount contributed to a fund, scheme or arrangement approved by the Commission for the purpose of decommissioning and abandonment, subject to the production of the Statement of Account of the decommissioning and abandonment fund:
Provided that the surplus or residue of the fund after decommissioning and abandonment of the field shall be subject to tax under this Act.”