Iceland upstream fiscal summary Report

Country Report 25 May 2023

Get this report

$1,650

You can pay by card or invoice

Share link

First name
Last name
Job Title
Company
Email
Telephone

Country

Message

Consent

Please keep me informed about Wood Mackenzie products, services and events.

Submit Category

For details on how your data is used and stored, see our Privacy Notice.

- FAQs about online orders
- Find out more about subscriptions

Report summary

Iceland’s concession regime includes an Extraction Levy, a Special Hydrocarbon Tax and Corporate Income Tax. All tax terms are fixed and are ring-fenced at the field level. The Special Hydrocarbon Tax rate increases in relation to a profit ratio. Permits are awarded through licensing rounds and the government has the right to participate. Norway also has the right to participate in any license awarded within the agreement zone on the continental shelf.

Basis
Licence terms
- Duration
- Relinquishment
Government equity participation
Fiscal terms
- Bonuses, rentals and fees
- Indirect taxes
- Royalty
- Ring fencing
- Base
- Rate
- Additional petroleum taxes
- Ring fencing
- Base
- Deductions
- Rate
- Corporate income tax
- Ring fencing
- Base
- Deductions
- Rate
- 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