ReportsWeb- Colombia Upstream Fiscal and Regulatory Report New | Page 2

3. State Take Assessment 6
4. Key Fiscal Terms 7
4.1. Royalties, Bonuses and Fees 7
4.1.1. Subsoil Use Fees 7
4.1.2. Technology Transfer Contribution 9
4.1.3. Royalties 9
4.1.4. Production Participation 10
4.1.5. Additional Production Participation 13
4.1.6. High Price Participation 13
4.1.7. Community Benefit Program Contribution 15
4.2. Direct Taxation 15
4.2.1. Corporate Income Tax 15
4.2.2. FTZ Reduction 16
4.2.3. CREE (until 2017) 16
4.2.4. CREE Surtax (until 2017) 16
4.2.5. Deductions and Depreciation 17
4.2.6. Withholding Tax 17
4.3. Indirect Taxation 18
4.3.1. VAT 18
4.4. State Participation (under Association Contracts) 18
5. Regulation and Licensing 21
5.1. Legal Framework 21
5.1.1. Governing Law 21
5.1.2. Contract Type 22
5.1.3. Title to Hydrocarbons 22
5.2. Institutional Framework 23
5.2.1. Licensing Authority 23
5.2.2. Regulatory Agency 23
5.2.3. National Oil Company 23
5.3. Licensing Process 24
5.3.1. Licensing Rounds 24
5.3.2. Prequalification 25
5.3.3. Bidding 28
5.4. License Terms 29
5.4.1. Duration and Relinquishments 29
5.4.2. Work Obligation 30
5.4.3. Relinquishment 31
6. Outlook 33
7. Appendix 34
7.1. Contact Us 34
7.2. Disclaimer 34
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