It is reported that with retroactive effect from 1 January 2007, a profits resource rent tax is levied (i) in addition to the existing corporate income tax (25% for oil and gas exploration activities); and (ii) on a graded basis of profitability as follows:
| - | 15% for fields when the profit ratio (defined as the "[rate of] profits less the 25% corporate income tax", divided by the accumulated level of capital … |