Country Report

Brazil upstream fiscal summary

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04 July 2018

Brazil upstream fiscal summary

Report summary

Complex Concession-based fiscal regime.  In addition to royalty and corporate income tax, an additional profits tax (called the Special Participation Tax, or SPT) is payable.  SPT varies with time, location and production rates.  A key issue in Brazil is that a range of indirect taxes are payable and are very complex, both at the federal, state and local level adding – on average – around 15% to project investments and costs.  The total tax burden from indirect taxes varies greatly from...

Table of contents

  • Executive summary
    • Basis
    • Licence terms
    • Government equity participation
    • Fiscal terms
      • Ring fencing
      • Bonuses, rentals and fees
      • Indirect taxes
      • Royalty
      • Export duty
      • PSC cost recovery
      • PSC profit sharing
      • Additional petroleum taxes (Concession only)
      • Fiscal treatment of decommissioning
      • Product pricing
      • Summary of modelled terms
    • Recent history of fiscal changes
    • Stability provisions
    • Split of the barrel and share of profit
      • Concession
    • PSC
    • Effective royalty rate and maximum government share
    • Concession
    • PSC
    • Concession
    • PSC
    • Progressivity
    • Concession
    • PSC
    • Fiscal deterrence
    • Concession
    • PSC

Tables and charts

This report includes 37 images and tables including:

  • Concession Flowchart
  • PSC Flowchart
  • Timeline
  • Fiscal stability: Table 1
  • Split of the barrel - oil
  • Split of the barrel - gas
  • Share of profit - oil
  • Share of profit - gas
  • Effective royalty rate - onshore
  • Effective royalty rate - offshore
  • Effective royalty rate
  • Maximum government share - onshore
  • Maximum government share - offshore
  • Maximum government share
  • State share versus Pre-Share IRR - oil
  • State share versus Pre-Share IRR - gas
  • State share versus Pre-Share IRR - oil
  • State share versus Pre-Share IRR - gas
  • Investor IRR versus Pre-Share IRR - oil
  • Investor IRR versus Pre-Share IRR - gas
  • Investor IRR versus Pre-Share IRR - oil
  • Investor IRR versus Pre-Share IRR - gas
  • Bonuses, rentals and fees
  • Indirect taxes
  • Royalty rates
  • Government Profit Share differentials by production and price per bbl
  • Total Government Profit Share with an assumed 60% bid
  • Marginal SPT rates: Onshore
  • Marginal SPT rates: Offshore <400m
  • Current licence, equity and fiscal terms: Image 4
  • Assumed terms by location - Concession onshore
  • Assumed terms by location - Concession offshore
  • Assumed terms by location - PSC all locations
  • Split of the barrel - oil
  • Split of the barrel - gas
  • Share of profit - oil
  • Share of profit - gas

What's included

This report contains:

  • Document

    Brazil upstream fiscal summary

    PDF 732.17 KB

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