New Software Release

Merak Fiscal Model Library 2019.1 Now Available

Friday, 29 March 2019

Product details

Merak Fiscal Model Library is a world-class collection of standardized fiscal models that supports accurate economic results. The library contains more than 219 models, covering most petroleum-producing countries. These customizable models can be used with the Peep module in Merak planning, risk, and reserves software.

Merak Fiscal Model Library is available through an annual subscription, and custom fiscal model solutions are available through a custom license. The easy installation format enables direct loading to machines with the Peep module in Merak software and any current Merak Fiscal Model Library models and add-ins.

Release details

The Merak Fiscal Model Library 2019.1 release includes the following fiscal updates to models:

  • Algeria R/T (2013)
    This model has been updated to incorporate the new reduced complementary tax rate on income (ICR). A provision has been made for the case where the ICR tax is calculated in the nth year while the tax payment is made in the following year.
  • Algeria Unconventional R/T (2013)
           This model has been updated to incorporate the new ICR tax rates. A provision has been made for the case where the ICR tax is calculated in the nth year while the tax payment is made in the following year.
  • Canada Alberta Oil Sands R/T (2009)
    This model has been updated in accordance with the Accelerated Investment Incentive program.
    The Accelerated Investment Incentive is for capital invested between 21 November 2018 and January 2028.
    For capital investments between 21 November 2018 and December 2023, the following have been added:
    3× normal first-year depreciation rate for capital types with the half-year rule
    1.5× normal first-year depreciation rate for capital types without the half-year rule.
    For capital investments between January 2024 and December 2027, the following have been added:
    2× normal first-year depreciation rate for capital types with the half-year rule
    1.25× normal first-year depreciation rate for capital types without the half-year rule.
    From January 2028 forward, the original depreciation schedule is applied.
    Gathering depreciation (Contr IT Depr Pipelines) has been set to Declining Balance at 25% with the half-year rule.
    A bug has been fixed for the FML_PeriodConv add-in to ensure that while converting federal income tax values from an annual to a monthly period, it uses the total number of periods from the start month of the year for the conversion.
  • Canada Alberta RT (2009)
    This model has been updated in accordance with the Accelerated Investment Incentive program.
    The Accelerated Investment Incentive is for capital invested between 21 November 2018 and January 2028.
    For capital investments between 21 November 2018 and December 2023, the following have been added:
    3× normal first-year depreciation rate for capital types with the half-year rule
    1.5× normal first-year depreciation rate for capital types without the half-year rule.
    For capital investments between January 2024 and December 2027, the following have been added:
    2× normal first-year depreciation rate for capital types with the half-year rule
    1.25× normal first-year depreciation rate for capital types without the half-year rule.
    From January 2028 forward, the original depreciation schedule is applied.
    Gathering depreciation (Contr IT Depr Pipelines) has been set to Declining Balance at 25% with the half-year rule.
    A bug has been fixed for the FML_PeriodConv add-in to ensure that while converting federal income tax values from an annual to a monthly period, it uses the total number of periods from the start month of the year for the conversion.
  • Canada Alberta RT (2016)
    This model has been updated in accordance with the Accelerated Investment Incentive program.
    The Accelerated Investment Incentive is for capital invested between 21 November 2018 and January 2028.
    For capital investments between 21 November 2018 and December 2023, the following have been added:
    3× normal first-year depreciation rate for capital types with the half-year rule
    1.5× normal first-year depreciation rate for capital types without the half-year rule.
    For capital investments between January 2024 and December 2027, the following have been added:
    2× normal first-year depreciation rate for capital types with half-year rule
    1.25× normal first-year depreciation rate for capital types without the half-year rule.
    From January 2028 forward, the original depreciation schedule is applied.
    Gathering depreciation (Contr IT Depr Pipelines) has been set to Declining Balance at 25% with the half-year rule.
    A bug has been fixed for the FML_PeriodConv add-in to ensure that while converting federal income tax values from an annual to a monthly period, it uses the total number of periods from the start month of the year for the conversion.
  • Canada BC RT (2009)
    This model has been updated in accordance with the Accelerated Investment Incentive program.
    The Accelerated Investment Incentive is for capital invested between 21 November 2018 and January 2028.
    For capital investments between 21 November 2018 and December 2023, the following have been added:
    3× normal first-year depreciation rate for capital types with the half-year rule
    1.5× normal first-year depreciation rate for capital types without the half-year rule.
    For capital investments between January 2024 and December 2027, the following have been added:
    2× normal first-year depreciation rate for capital types with the half-year rule
    1.25× normal first-year depreciation rate for capital types without the half year rule.
    From January 2028 forward, the original depreciation schedule is applied.
    Gathering depreciation (Contr IT Depr Pipelines) has been set to Declining Balance at 25% with the half-year rule.
    A bug has been fixed for the FML_PeriodConv add-in to ensure that while converting federal income tax values from an annual to a monthly period, it uses the total number of periods from the start month of the year for the conversion.
  • Canada Frontier RT (2009)
    This model has been updated in accordance with the Accelerated Investment Incentive program.
    The Accelerated Investment Incentive is for capital invested between 21 November 2018 and January 2028.
    For capital investments between 21 November 2018 and December 2023, the following have been added:
    3× normal first-year depreciation rate for capital types with the half-year rule
    1.5× normal first-year depreciation rate for capital types without the half-year rule.
    For capital investments between January 2024 and December 2027, the following have been added:
    2× normal first-year depreciation rate for capital types with the half-year rule
    1.25× normal first-year depreciation rate for capital types without the half year rule.
    From January 2028 forward, the original depreciation schedule is applied.
    Gathering depreciation (Contr IT Depr Pipelines) has been set to Declining Balance at 25% with the half-year rule.
    A bug has been fixed for the FML_PeriodConv add-in to ensure that while converting federal income tax values from an annual to a monthly period, it uses the total number of periods from the start month of the year for the conversion.
  • Canada Saskatchewan RT (2009)
    This model has been updated in accordance with the Accelerated Investment Incentive program.
    The Accelerated Investment Incentive is for capital invested between 21 November 2018 and January 2028.
    For capital investments between 21 November 2018 and December 2023, the following have been added:
    3× normal first-year depreciation rate for capital types with the half-year rule
    1.5× normal first-year depreciation rate for capital types without the half-year rule.
    For capital investments between January 2024 and December 2027, the following have been added:
    2× normal first-year depreciation rate for capital types with the half-year rule
    1.25× normal first-year depreciation rate for capital types without the half year rule.
    From January 2028 forward, the original depreciation schedule is applied.
    Gathering depreciation (Contr IT Depr Pipelines) has been set to Declining Balance at 25% with the half-year rule.
    A bug has been fixed for the FML_PeriodConv add-in to ensure that while converting federal income tax values from an annual to a monthly period, it uses the total number of periods from the start month of the year for the conversion.
  • Canada Nova Scotia RT (2009)
    This model has been updated in accordance with the Accelerated Investment Incentive program.
    The Accelerated Investment Incentive is for capital invested between 21 November 2018 and January 2028.
    For capital investments between 21 November 2018 and December 2023, the following have been added:
    3× normal first-year depreciation rate for capital types with the half-year rule
    1.5× normal first-year depreciation rate for capital types without the half-year rule.
    For capital investments between January 2024 and December 2027, the following have been added:
    2× normal first-year depreciation rate for capital types with the half-year rule
    1.25× normal first-year depreciation rate for capital types without the half-year rule.
    From January 2028 forward, the original depreciation schedule is applied.
    Gathering depreciation (Contr IT Depr Pipelines) has been set to Declining Balance at 25% with the half-year rule.
    A bug has been fixed for the FML_PeriodConv add-in to ensure that while converting federal income tax values from an annual to a monthly period, it uses the total number of periods from the start month of the year for the conversion.
  • Canada NFLD RT (2003)
    This model has been updated in accordance with the Accelerated Investment Incentive program.
    The Accelerated Investment Incentive is for capital invested between 21 November 2018 and January 2028.
    For capital investments between 21 November 2018 and December 2023, the following have been added:
    3× normal first-year depreciation rate for capital types with the half-year rule
    1.5× normal first-year depreciation rate for capital types without the half-year rule.
    For capital investments between January 2024 and December 2027 the following have been added:
    2× normal first-year depreciation rate for capital types with the half-year rule
    1.25× normal first-year depreciation rate for capital types without the half-year rule.
    From January 2028 forward, the original depreciation schedule is applied.
    Gathering depreciation (Contr IT Depr Pipelines) has been set to Declining Balance at 25% with the half-year rule.
    A bug has been fixed for the FML_PeriodConv add-in to ensure that while converting federal income tax values from an annual to a monthly period, it uses the total number of periods from the start month of the year for the conversion.
  • Colombia Assoc (2002)
    The model has been updated to incorporate the following changes:
    CREE tax rate has been updated to 0% from year 2017 to 2019
    Income tax rate has been updated to 40% in year 2017, 37% in 2018, and reduced to 33% in 2019
    Carry forward of net operating losses has been set to one year while carry back of net operating losses has been set to zero years.
  • Colombia R/T (2004)
    The model has been updated to incorporate the following changes:
    CREE tax rate has been updated to 0% from year 2017 to 2019
    Income tax rate has been updated to 40% in year 2017, 37% in 2018, and reduced to 33% in 2019
    Carry forward of net operating losses has been set to one year while carry back of net operating losses has been set to zero years.
  • Colombia R/T (2008)
    The model has been updated to incorporate the following changes:
    CREE tax rate has been updated to 0% from year 2017 to 2019
    Income tax rate has been updated to 40% in year 2017, 37% in 2018, and reduced to 33% in 2019
    Carry forward of net operating losses has been set to one year while carry back of net operating losses has been set to zero years.
  • Colombia Unconventional R/T (2012)
    The model has been updated to incorporate the following changes:
    CREE tax rate has been updated to 0% from year 2017 to 2019
    Income tax rate has been updated to 40% in year 2017, 37% in 2018, and reduced to 33% in 2019
    Carry forward of net operating losses has been set to one year while carry back of net operating losses has been set to zero years.
  • Mexico R/T (2014)
    The model has been updated to update the various royalty parameters, including A, B, C, D, E, F, G, and H used to calculate the royalties for oil, gas, and condensate. Base values for these parameters have been set in the royalty model settings from 2015 to 2018.
    E&P activities tax rate has been updated from 2015 to 2019.
  • Mexico PSC (2014)
    The model has been updated to update the various royalty parameters, including A, B, C, D, E, F, G, and H used to calculate the royalties for oil, gas, and condensate. Base values for these parameters have been set in the royalty model settings from 2015 to 2018.
    E&P activities tax rate has been updated from 2015 to 2019.
  • Mexico R/T (2014) Deepwater
    The model has been updated to update the various royalty parameters, including A, B, C, D, E, F, G, and H used to calculate the royalties for oil, gas, and condensate. Base values for these parameters have been set in the royalty model settings from 2015 to 2018.
    E&P activities tax rate has been updated from 2015 to 2019.
  • South Africa R/T (2008)
    A bug has been fixed to correct the logic for model variable “Contr Add Allowance Expl” and “Contr Add Allowance Dev” which now use exploration capital and development capital respectively.
  • United Kingdom R/T (1982)
    The model has been enhanced to enable users to create two tax pool for RFES calculations (e.g, pre-Dec 2013 and post Dec 2013 pools). The number of claimable periods for the pools are 6 years and 10 years respectively.