Namibia upstream fiscal summary Report

Country Report 25 May 2023

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Report summary

Concession-based fiscal regime, governed by the 1991 Petroleum Act and based on the 2007 model contract. Royalty and Petroleum Income Tax (PIT) rates are fixed and payable by the contractor. There is an additional profits tax (APT) payable on a sliding scale, linked to contractor's rate of return. First tranche of APT is defined in the law to be 25% between rates of return 15 to 20%. The second (20-25% IRR) and third (>25% IRR) tranches are negotiable. There is no mandatory state participation, but the state oil company NAMCOR may negotiate an interest as part of the licence award process.

Basis
Licence terms
Government equity participation
Fiscal terms
- Bonuses, rentals and fees
- Indirect taxes
- Royalty
- Ring fencing
- Base
- Rate
- Payment schedule
- 13 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