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.