Section 31, The Finance Act, 2022

Section 38 of the Extractive Industries Revenue Act 2018 isamended by repealing and replacing subsection (2) with the following new subsection– "(2) Paragraph (d) of subsection (1) of section 24, paragraphs (d) and (e) of subsection (1) of section 25 and section 28 shall apply, with the necessary modification, in calculating a petroleum right holder's income from a business that includes processing of petroleum, but only to the extent the expenses and funds relate to that processing."