South Korea upstream fiscal summary Report

Country Report 16 May 2023

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Report summary

Upstream licences are awarded under concession terms which are fixed by legislation. Royalty is paid on a sliding scale ranging from 0% to 12%. General corporate income tax is paid on a sliding scale depending on total taxable income, ranging from 11% to 27.5%. Korean National Oil Company (KNOC) explores both on a sole-risk basis and with third parties. To date there have been no competitive bid rounds.

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