Section 34

dengan menomborkan semula seksyen 23 yang sedia ada sebagai subseksyen 23(1);

dengan menggantikan perkataan-perkataan "forty-five" dalam subseksyen 23(1) yang telah dinomborkan semula dengan perkataan "forty"; dan

dengan memasukkan selepas subseksyen (1) yang telah dinomborkan semula subseksyen yang berikut:

"（2）Notwithstanding subsection (1), the chargeable tax for any year of assessment of a chargeable person on income derived from petroleum operations in the Joint Development Area shall be an amount equal to—

zero per cent of the chargeable income ascertained from income for any of the first eight years of production; or

ten per cent of the chargeable income ascertained from income for any of the next seven years of production; or

twenty per cent of the chargeable income ascertained from income for any subsequent year of production:

Provided that where the chargeable income ascertained relates to income from two production periods, that chargeable income shall be apportioned to each of those periods (the apportionment being made in the proportion that the number of months of the relevant production period bears to the number of months of that basis period) and the chargeable tax shall be arrived at by applying the rate applicable to each of the relevant production periods to the chargeable income so apportioned.

For the purposes of subsection (2), the "production period" means the number of years of production referred to in paragraph (a), (b) or (c) of subsection (2), as the case may be.".