Country Report
Thailand upstream fiscal summary
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.
Table of contents
- 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
- PSC production sharing
- Ring fencing
- PSC cost recovery
- Base
- Rate (cost recovery ceiling)
- Recoverable costs
- Unrecovered costs
- Excess cost recovery
- PSC profit sharing
- Base
- Rate
- Payment schedule
- Special remuneratory benefit (concession)
- Ring fencing
- Base
- Rate
- Payment schedule
- Corporate income tax
- Ring fencing
- Base
- Rate (concession)
- Rate (PSC)
- Payment schedule
- Fiscal treatment of decommissioning
- Product pricing
- Liquids pricing
- Natural gas pricing
- Summary of modelled terms
- 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
Tables and charts
This report includes 33 images and tables including:
- Timeline
- Timeline details
- Bonuses, rentals and fees
- Indirect taxes
- Royalty rates - concession
- Royalty rates (oil) - concession
- Royalty rates (gas) - concession
- SRB rates (concession)
- SRB rates (concession)
- Assumed terms by location - concession
- Assumed terms by location - PSC
- Split of Barrel - oil
- Share of profit - oil
- Split of barrel - gas
- Share of profit - gas
- Split of Barrel - oil
- Share of profit - oil
- Split of barrel - gas
- Share of profit - gas
- Effective royalty rate and minimum state share - onshore/shelf, oil and gas
- Effective royalty rate and minimum state share - deepwater, oil and gas
- Effective royalty rate and minimum state share - shelf, oil and gas
- Maximum government share and maximum state share - onshore/shelf, oil and gas
- Maximum government share and maximum state share - deepwater, oil and gas
- Maximum government share and maximum state share - shelf, oil and gas
- State share versus Pre-Share IRR - oil
- State share versus Pre-Share IRR - gas
- 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
- Investor IRR versus Pre-Share IRR - oil
- Investor IRR versus Pre-Share IRR - gas
What's included
This report contains:
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