Country Report
Portugal upstream fiscal summary
Report summary
Portugal awards acreage via competitive bidding or direct negotiations. Licences are issued under a concession-based fiscal regime. The primary fiscal terms include a production-based royalty and a standard corporate income tax rate of 21%. A state surcharge is levied on profits with tax rates based on a profit sliding scale. Onshore licences are subject to a municipal surcharge of up to 1.5%. There 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
- Base
- Rate
- Corporate income tax
- Ring fencing
- Base
- Rate
- Other taxes
- Municipal surcharge
- State surcharge
- 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 21 images and tables including:
- Timeline
- Timeline detail
- Split of the barrel - oil
- Share of profit - oil
- Effective royalty rate - onshore, oil
- Effective royalty rate - onshore, gas
- Effective royalty rate - shelf and deepwater, oil
- Effective royalty rate - shelf and deepwater, gas
- Maximum government share – onshore, oil
- Maximum government share – onshore, gas
- Maximum government share – shelf and deepwater, oil
- Maximum government share – shelf and deepwater, gas
- State share versus pre-share IRR - oil
- Investor IRR versus pre-share IRR - oil
- Bonuses, rentals and fees
- Indirect taxes
- Royalty rates
- State surcharge tax rates
- Assumed terms by location - oil
- Assumed terms by location - gas
What's included
This report contains:
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