Country report

Brazil upstream fiscal summary

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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...

What's included

This report contains

  • Document

    Brazil upstream fiscal summary

    PDF 815.24 KB

Table of contents

Tables and charts

This report includes 37 images and tables including:

Images

  • Concession Flowchart
  • PSC Flowchart
  • Timeline
  • Split of the barrel - oil
  • Split of the barrel - gas
  • Share of profit - oil
  • Share of profit - gas
  • 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
  • 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
  • Split of the barrel - oil
  • Split of the barrel - gas
  • Share of profit - oil
  • Share of profit - gas

Tables

  • Fiscal stability: Table 1
  • Effective royalty rate - onshore
  • Effective royalty rate - offshore
  • Effective royalty rate
  • Maximum government share - onshore
  • Maximum government share - offshore
  • Maximum government share
  • Bonuses, rentals and fees
  • Indirect taxes
  • Royalty rates
  • Government Profit Share differentials by production and price per bbl
  • Assumed terms by location - Concession onshore
  • Assumed terms by location - Concession offshore
  • Assumed terms by location - PSC all locations

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