THE TAXATION OF PETROLEUM AND MINERALS: PRINCIPLES, PROBLEMS AND PRACTICE
PHILIP DANIEL, MICHAEL KEEN and CHARLES McPHERSON (Edited)
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 low‐income 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 re‐appraises
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.
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