Country Report
Italy upstream fiscal summary
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.
Table of contents
- 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
Tables and charts
This report includes 22 images and tables including:
- Timeline
- Timeline details
- Split of the barrel - oil
- Split of the barrel - gas
- Share of profit - oil
- Share of profit - gas
- Effective royalty rate - onshore, oil
- Effective royalty rate - shelf/deepwater, oil
- Effective royalty rate - onshore/shelf/deepwater, gas
- Maximum government share - onshore. oil and gas
- Maximum government share - shelf/deepwater, oil
- Maximum government share - shelf/deepwater, gas
- State share versus Pre-Share IRR - oil
- State share versus Pre-Share IRR - gas
- Investor IRR versus Pre-Share IRR - oil
- Investor IRR versus Pre-Share IRR - gas
- Bonuses, rentals and fees
- Area rentals
- Indirect taxes
- Royalty rate for oil and gas
- Income tax
- Italy Concession Terms
What's included
This report contains:
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