Italy upstream fiscal summary Report

Country Report 25 May 2023

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Report summary

Italy’s upstream licences are awarded under concession terms. The main elements are a royalty and corporate income tax. There is also a regional income tax applied to onshore operations. The royalty rate depends on the permit location and hydrocarbon type. An initial volume of production is exempt from royalty each year. Corporate income tax changes have been implemented by the government on a regular basis. Companies can apply for available acreage at any time and there is no state participation.

Basis
Licence terms
- Duration
- Relinquishment
Government equity participation
Fiscal terms
- Bonuses, rentals and fees
- Indirect taxes
- Royalty
- Ring fencing
- Ring fencing
- Corporate income tax
- Ring fencing
- Base
- Rate
- Payment schedule
- Fiscal treatment of decommissioning
- 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