Thailand to revise 30-year-old oil petroleum laws

Nov 20, 2002 01:00 AM

Thailand is planning to revise two 30-year-old oil petroleum laws in an attempt to create a more investor friendly and globally competitive climate. The Petroleum Act and Petroleum Income Tax Act must be updated to improve Thailand’s business environment and stimulate new activity, Department of Mineral Resources director general Nopadon Mantajit told.
Revisions to the regulations and the new laws will be made in consultation with the Petroleum Institute of Thailand and will be completed by 2003.

The current 1971 legislation requires petroleum exploration and production companies to pay as much as 50 % in petroleum income tax while giving them 20-year exploration licences with the option to extend for another decade.
A fixed rate of 12.5 % royalty fees has been applied to those granted concessions prior to 1992, with a progressive rate for concessions awarded later. "We have to look into all three things -- taxes, royalty fees and land ownership -- and review them as a package," he said.

Source: Schlumberger Limited
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