(1)
Fiscal stabilisation sections contained in a production sharing contract or other contracts entered into after the commencement of the Petroleum Industry Act shall not be applicable to the fiscal provisions listed in this part, regardless of whether the changes in fiscal provisions affect the contractor favourably or unfavourably, provided such changes in fiscal provision are being made in a manner that is not discriminatory to the petroleum industry or the contractor.
(2)
The respective fiscal provisions referred to in subsection (1) of this section are —
(a)
generally applicable taxes, such as income tax, development levy, value added tax, stamp duties, and deduction of tax at source ;
(b)
levies, taxes or payments to comply with modern principles in respect of environment, labour laws, health and safety ; and
(c)
new taxes, levies or duties as may be prescribed by the Climate Change Act, or to implement Nigeria's commitments with respect to climate change under any international agreement.