Iceland upstream fiscal summary Report

Country Report 25 May 2023

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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
- 10 more item(s)...
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