27 Sep 2010

Petroleum Revenue Tax (PRT)

Rate 50%
Oil AllowanceTonnage per chargeable periodAggregate Total
Fields given development consent before 1 April 1982250,000(approx, 10,000 barrels per day).5,000,000
Fields given development Consent on or after 1 April 1982:
Onshore & Southern Basin Fields125,000 (approx. 5,000 barrels per day)2,500,000
All Other Fields500,000 (approx. 20,000 barrels per day)10,000,000
Safeguard Limit 80% of adjusted profit minus 15% of

accumulated expenditure at end of period
Return periods6 months to 30/6 and 31/12
Claim periods6 months or 12 months ending 30/6 or 31/12
Appeals3 years from date of claim