Country Report

Tajikistan upstream fiscal summary

04 July 2018

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04 July 2018

Tajikistan upstream fiscal summary

Report summary

There is currently only one PSC in Tajikistan, which was signed by Tethys in June 2008. As the Government is keen to attract foreign investment in the oil and gas sector, it is likely that all future contracts will be PSCs, with terms favourable to the foreign investors. Aside from the PSC, taxation in Tajikistan is based on the rules and regulations under the Tax Code enacted on 1 January 2007, with latest amendments introduced in 2009. Historically, a licence was issued and the...

Executive summary
Current licence, equity and fiscal terms
- Basis
- Licence terms
- Government equity participation
- Fiscal terms
  - Ring fencing
  - Bonuses, rentals and fees
  - Indirect taxes
  - Royalty
  - PSC cost recovery
  - PSC profit sharing
  - Corporate income tax
  - Product pricing
  - Summary of modelled terms
Fiscal stability
- Recent history of fiscal changes
- Stability Provisions
Economic analysis
- Split of the barrel and share of profit
- Effective royalty rate and maximum government share
- Progressivity
- Fiscal deterrence
- Investor IRR versus pre-share IRR - oil