Danish licences operate under a concession fiscal regime. The last licensing round took place in 2014. The fiscal terms are not biddable or negotiable. The current fiscal regime comprises corporate income tax (25%) and an additional profits tax, known as the hydrocarbon tax (52%). Corporate income tax is deductible from the hydrocarbon tax so the effective tax rate is 64%. From 2005, the Danish state holds a 20% equity stake in all new licences via Nordsoefonden. In 2017, the parliament approved a number of hydrocarbon tax incentives mainly to help the major Tyra gas hub redevelopment. The incentives include a higher capital uplift and an accelerated depreciation for capital costs incurred between 2017 and 2025 (inclusive).