Imposition of petroleum surcharge

(1) Subject to this Part, there shall be levied and paid by every person engaged in petroleum operations a petroleum surcharge (hereinafter also referred to as ‘the surcharge’) at the rates specified in section 124 of this Act, on the Chargeable 98 Revenue of such person as defined in this Part, whether received in Belize or elsewhere. (2) The surcharge levied under sub-section (1) of this section, shall be in addition to the income tax payable by such person under Parts I and II of this Act on the profits arising from petroleum operations, but the amount of the surcharge paid under this Part shall count as an expense for determining the chargeable income of such person for the purpose of computing his or its income tax liability. (3) The surcharge levied by this section shall be payable in the currency of the United States of America.