Section 104

(1) The petroleum profits tax payable under a production sharing Determina-
contract shall be determined in accordance with Part II of chapter three of this tion of
petroleum
Act, provided that the petroleum profits tax rate applicable to the contract area
profits tax
as defined in the production sharing contracts shall be 50% of chargeable
profits for the duration of the production sharing contracts.
(2) Nothing contained in this Part shall be construed as having exempted
any holder or contractor from the payment of any other tax, duty or levy
imposed by any Federal, State or Local Government, or Area Council Authority.