Barbados upstream fiscal summary Report

Country Report 16 May 2023

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Report summary

Concession fiscal regime with royalty, corporate income tax and an additional profits tax (APT). The State-owned Barbados National Oil Company (BNOC) is guaranteed a maximum share of 25% in any license so long as it chooses to do so prior to the exploration license being awarded. The State's interest is carried until a declaration of commerciality. Royalty and income tax rates are fixed; APT is levied at 30% for a specified period on net profit whenever wellhead oil and gas prices exceed...

Basis
Licence terms
Government equity participation
Fiscal terms
- Ring fencing
- Bonuses, rentals and fees
- Indirect taxes
- Royalty
- Corporate income tax
- Additional profits tax
- Product pricing
- Summary of modelled terms
Recent history of fiscal changes
Stability provisions
Split of the barrel and share of profit
Effective royalty rate and maximum government share
Progressivity
Fiscal deterrence