From March 2016, all new upstream licences are awarded through the licensing rounds under new Hydrocarbon Exploration and Licensing Policy (HELP), which introduced Revenue Sharing Model (RSM) terms. Within the RSM regime there is no cost recovery. Revenue after royalty is shared between the government and contractor. The latter must recover costs and make a profit from its allocation. Revenue sharing is based on high and low revenue points which are set by the government, with the respective revenue shares biddable by the contractor. To support investment, the contractor revenue share is fixed at low revenue point for a number of years from the commercial production start, depending on the location. Royalty is fixed but varies between 5% and 12.5% depending on a fields location. Corporate income tax is payable at the effective rate of 34.61% for domestic companies and at 43.26% for foreign companies.