Country Report
South Korea upstream fiscal summary
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
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.
Table of contents
- Basis
- License terms
- Government equity participation
-
Fiscal terms
- Bonuses, rentals and fees
- Indirect taxes
- Royalty
- Ring fencing
- Base
- Rate
- Payment schedule
- Corporate income tax
- 7 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
Tables and charts
This report includes the following images and tables:
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TimelineTimeline detailsSplit of the barrel - oil
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Split of the barrel - gasShare of profit - oilShare of profit - gasEffective royalty rate - onshore, oil and gasEffective royalty rate - shelf and deepwater, oil and gasMaximum government share - onshore, oil and gasMaximum government share - shelf and deepwater, oil and gasState share versus Pre-Share IRR - oilState share versus Pre-Share IRR - gas
- 10 more item(s)...
What's included
This report contains:
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