Rates of surcharge

(1) The surcharge on the Chargeable Revenue of a person shall be levied at the following rates– (a) in the case of a Class A Contractor in respect of an Existing Oil Field, as defined in section 122, 50% of Chargeable Revenue; Schedule X. (b) in the case of a Class A Contractor in respect of any new oil field on commercial production and in the case of a Class B Contractor, such percentage of Chargeable Revenue as shown in the Schedule X to this Act depending on the price of crude oil. (2) The special rate of 50% for a Class A Contractor in respect of an Existing Oil Field, as shown above, shall remain in force for a period of five years from the 1st day of September, 2008 and thereafter, such a Contractor will be liable to pay the surcharge in accordance with and at the rates shown in the Schedule X.