Malaysia/Thailand JDA upstream fiscal summary Report

Country Report 16 May 2023

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Report summary

A Production Sharing Contract (PSC) fiscal regime with the terms generally based on the PSC system of Malaysia. The rates of royalty, cost recovery and profit oil split are flat, with no sliding scale mechanisms. Export duty is payable on crude not supplied to Malaysian or Thai markets. A supplementary payment on profit oil and research contribution are also payable. There is an eight-year holiday on corporate income tax, followed by a seven-year period of tax at half the normal rate, and full-rate liable thereafter. All terms are fixed and not biddable.

Basis
Licence terms
Government equity participation
Fiscal terms
- Ring fencing
- Bonuses, rentals and fees
- Indirect taxes
- Royalty
- Export duty
- PSC cost recovery
- PSC profit sharing
- Additional petroleum taxes
- Supplementary payment
- Research contribution
- Corporate income tax
- 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