Wednesday, February 22, 2006

Books Worth Reading: THE TAXATION OF PETROLEUM AND MINERALS: PRINCIPLES, PROBLEMS AND PRACTICE by Philip DANIEL, Michael KEEN and Charles McPHERSON

40 Alessandro-Bacci-Middle-East-Blog-Books-Worth-Reading-Daniel-Keen-McPherson-The-Taxation-of-Petroleum-and-Minerals-Principles-Problems-and-Practice


THE TAXATION OF PETROLEUM AND MINERALS: PRINCIPLES, PROBLEMS AND PRACTICE 


From EI SourceBook:

Daniel, Keen and McPherson present a valuable tool on taxation regime for oil, gas and minerals. They outline the book into five parts. Part I sets out the key conceptual issues and ideas. Thus, a conceptual framework for designing a resource fiscal regime is set out in chapter one, whilst the second chapter discusses the principles of natural resource taxation in a lowincome country, in view of an appropriate harness of their natural endowments.

In part II, the editors include three papers dealing with resource taxation practice and experience in oil, mineral and gas. The first one by Nakhle explores the option between tax and royalty regimes and contractual regimes in oil sector. The second one, by Hogan and Goldsworthy, surveys the fiscal regimes for minerals, evaluating the components of fiscal instruments, while the last one by Kellas addresses the fiscal regime for natural gas projects.

Part III is dedicated to special topics, relevant to the resource sector. The first one answers the question of how to evaluate and compare alternative fiscal regimes by providing the evaluation tools, followed by another one that reappraises the benefit of resource rent taxes to host governments. There follows two more topics, one addressing the phenomenon of state participation in resource industries, whereas the other discusses the auctions as means of granting exploration and extraction rights of natural resources.

Part IV starts with two chapters by Calder: one discusses the interaction between tax policy and tax administration for natural resource sectors, whilst other looks at the functions, procedures and institutions of resource tax administration. It ends with a chapter that tackles the international tax issues arising in the natural resource sector.


Finally, the last part of the book (part V) deals with the issue of stability and credibility, in which the first section goes through the contractual assurances of fiscal stability whereas the second and last explores a way of dealing with time consistency by building a credible tax system the way Norway has done.




No comments:

Post a Comment