Country Report
New Zealand upstream fiscal summary
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Upstream licences are awarded under concession terms through the annual licensing rounds. The fiscal terms are fixed by the 2013 Crown Minerals Regulations. There are two mechanisms for calculating royalty. The contractor will pay either an ad valorem royalty (AVR) of 5% of net sales revenues or an accounting profits royalty (APR) of 20% of profits, whichever is higher. Corporate income tax is payable by the contractor at a rate of 28%. The fiscal terms are amongst the lowest in the region, however there is strong conservation movement against petroleum developments. There is no mandatory state equity participation in upstream licences.
Table of contents
- Basis
- Licence terms
- Government equity participation
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Fiscal terms
- Ring fencing
- Bonuses, rentals and fees
- Indirect taxes
- Royalty
- Corporate income tax
- 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 the following images and tables:
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TimelineTimeline detailsSplit of the barrel - oil
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Split of the barrel - gasShare of profit - oilShare of profit - gasEffective royalty rate and minimum state shareMaximum government share and maximum state shareState share versus Pre-Share IRR - oilState share versus Pre-Share IRR - gasInvestor IRR versus Pre-Share IRR - oilInvestor IRR versus Pre-Share IRR - gas
- 4 more item(s)...
What's included
This report contains:
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