Thailand upstream fiscal summary Report

Country Report 25 May 2023

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Report summary

The fiscal regime in Thailand is governed by Concession and Production Sharing Contract (PSC) terms. Future licences and licence extensions will be taxed under Thai III (post-20th round) terms, PSCs and service contracts, depending on the amount of initial reserves and the location of the block. Under Concession terms, royalty rates range from 5-15% and are based on a sliding scale linked to production, with a discount applied to deepwater licences. The Special Remuneratory Benefit (SRB) is a tax with a unique calculation method. Its rates are based on the annual revenue and the cumulative metres of wells drilled in the concession area, with an adjustment for geological complexity. Corporate income tax of 50% is payable on profits. Under PSC terms, royalty is payable at 10% of gross revenue and cost recovery ceiling is set to 50%. Government profit share is biddable, with a minimum of 50%. Corporate income tax of 20% is also payable on profits.

Basis
Licence terms
Government equity participation
- Concession
- PSC
Fiscal terms
- Bonuses, rentals and fees
- Indirect taxes
- Royalty
- Ring fencing
- Base
- Rate (concession)
- Rate (PSC)
- Payment schedule
- 28 more item(s)...
Recent history of fiscal changes
Stability provisions
Split of the barrel and share of profit
- Concession
- PSC
Effective royalty rate and maximum government share
- Concession
- PSC
- Concession
- PSC
Progressivity
- Concession
- PSC
Fiscal deterrence
- Concession
- PSC