Section 267: Chargeable.

The chargeable tax for any accounting period of a company shall be a percentage of the chargeable profit for that period aggregated and it shall be —
a 30% of the profit from crude oil for petroleum mining leases selected under section 93 (6) (b) and (7) (b) of this Act with respect to onshore and shallow water areas; and
b 15% of profit from crude oil for onshore and shallow water and for petroleum prospecting licences selected under section 93 (6)
(a) and (7) (a) of this Act.