Section 305: Fiscal stabilisation.

1 Fiscal stabilisation clauses contained in any production sharing contract or other contract entered into after the commencement of this Act shall not be applicable to the fiscal provisions listed in this section, regardless of whether these changes affect the contractor favorably or unfavorably, if changes are being made in a manner that is not discriminatory to the petroleum industry or the contractor and the respective fiscal provisions are-
a generally applicable taxes, such as withholding taxes, companies income tax, tertiary education tax and VAT;
b levies, taxes or payments to comply with modem principles in respect of environment, labour laws, health and safety; and
c new taxes, levies or duties to implement Nigeria's commitments with respect to climate change under the United Nations Framework Convention on Climate Change and other related international agreements.