Introduction Details of the Section
2.Subsection (1) amends OTA 1975.
3.Subsections (2) and (4) reduce the rate of petroleum revenue tax from 50% to 35% for chargeable periods ending after 31 December 2015.
4.Subsection (3) provides a consequential amendment to the cap on interest carried on a repayment of petroleum revenue tax for periods subject to the lower rate. This subsection reduces the relevant percentage from 60% to 45% for periods ending after 31 December 2015.