Country Report
South Korea upstream fiscal summary
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
- 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
Tables and charts
This report includes 18 images and tables including:
- Timeline
- Timeline details
- Split of Barrel - oil
- Split of barrel - gas
- Share of profit - oil
- Share of profit - gas
- Effective royalty rate and minimum state share
- Maximum government share and maximum state share
- State share versus Pre-Share IRR - oil
- State share versus Pre-Share IRR - gas
- Investor IRR versus Pre-Share IRR - oil
- Investor IRR versus Pre-Share IRR - gas
- Bonuses, rentals and fees
- Indirect taxes
- Royalty rates
- Royalty rates
- Corporate income tax rates
- Assumed terms by location
What's included
This report contains:
Other reports you may be interested in
Country Report
Malaysia upstream fiscal summary
Detailed analysis of the fiscal system applicable to new licences.
$1,650
Country Report
Namibia upstream fiscal summary
Detailed analysis of the fiscal system applicable to new licences.
$1,650
Country Report
Mexico upstream fiscal summary
Detailed analysis of the fiscal system applicable to new licences.
$1,650
