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(1) Petroleum revenue due the Republic derived from whatever source shall be assessed, collected and accounted for by the Ghana Revenue Authority.

(2) The petroleum revenue assessed as due in each month shall be paid by direct transfer into the Petroleum Holding Fund by the fifteenth day of the ensuing month by the entities obliged to make the payment.

(3) The entity shall notify the Ghana Revenue Authority in writing of the payment into the Petroleum Holding Fund.

(4) Where the liability of an entity to make a payment 1S not discharged on or before the due date, the entity shall pay as a penalty, an additional five percent of the original amount for each day of default or the default rate established under any other taw, whichever is higher.

(5) For the purposes of this Act, petroleum revenue paid into the Petroleum Holding Fund shall not be

(a) treated as part of the normal tax revenue for purposes provided for in relevant laws of the Republic; and

(b) used as the basis for the determination of any statutorily earmarked funds.