Petroleum Resource Rent Tax (Imposition—Customs) Act 2012

This Act imposes a tax on the profits of certain petroleum projects, specifically as a duty of customs. The tax commences on July 1, 2012, and applies to years of tax beginning on July 1, 1986. The rate of tax is 40% of the taxable profit of a person in relation to a petroleum project. Additionally, the Act explicitly states that it does not impose a tax on property of any kind belonging to a State.

Please note that this summary is a condensed version of the original document, and readers are encouraged to review the full Act for detailed information.