The Taxation of Petroleum and Minerals: Principles, Problems and Practice (Routledge Explorations in Environmental Economics Book 24)

Preface Dominique Strauss-Kahn 1. Introduction Philip Daniel, Michael Keen Charles McPherson (IMF) Part 1: Conceptual Overview 2. Theoretical perspectives on resource tax design Robin Boadway (Queens University, Canada) and Michael Keen (IMF) 3. Principles of resource taxation for low-income countries Paul Collier (University of Oxford) Part 2: Sectoral Experiences and Issues 4. Petroleum fiscal regimes: Evolution and challenges Carole Nakhle (University of Surrey, UK) 5. International mineral taxation: Experience and issues Lindsay Hogan (Australian Bureau of Agricultural and Resource Economics) and Brenton Goldsworthy (IMF) 6.' Natural gas: Experience and issues Graham Kellas (Wood Mackenzie) Part 3: Special Topics 7. Evaluating fiscal regimes for resource projects: An example from oil development Philip Daniel, Brenton Goldsworthy, Wojciech Maliszewski, Diego Mesa Puyo (all IMF) and Alistair Watson 8. Resource rent taxes: A re-appraisal Bryan Land (World Bank) 9. State participation in the natural resources sectors: Evolution, issues and outlook Charles McPherson (IMF) 10. How best to auction natural resources Peter Cramton (University of Maryland) Part 4: Implementation 11. Resource tax administration: The implications of alternative policy choices 12 Resource tax administration: Functions, procedures and institutions Jack Calder 13. International tax issues for the resources sector Peter Mullins (Australian Tax Office) Part 5: Stability and Credibility 14. Contractual assurances of fiscal stability Philip Daniel (IMF) and Emil Sunley 15. Time consistency in petroleum taxation: Lessons from Norway Petter Osmundsen (University of Stavanger, Norway) "Taxes on non-renewable natural resources provide more than 50% of fiscal revenues in some 20 countries. How do you design an effective system for raising this tax? There are trade-offs between rent capture, development incentives and risk sharing, all in an environment of long run investments, asymmetric information, and price, geological, and political risk. In response, fiscal systems employ a bewildering combination of profits taxes, royalties, production sharing, and revenues from sale of production rights. This volume brings together a fine combination of economists and practitioners who make sense of these challenging issues and provide essential reading for policy makers faced with these choices." Professor Tony Venables, B.P. Professor of Economics and Director of the Oxford Centre for the Analysis of Resource Rich Economies --Book Jacket "This book is an essential tool for government and company officials, practitioners, advisers, and civil society advocates in working to promote efficient and equitable petroleum and minerals tax systems. Norway's Oil for Development Program works to further beneficial management of petroleum resources in a wide range of developing countries. The contributors to this book take stock of current knowledge about how to do this in the area of fiscal regime design--and extend it. There are no unique solutions, but this book offers insights and analytical techniques that can greatly enhance the capacity of decision-makers to design the right solutions for their own environments." Petter Nore (Director, Oil for Development Programme, Norwegian Agency for Development (NORAD)

There are few areas of economic policy-making in which the returns to good decisions are so high—and the punishment of bad decisions so cruel—as in the management of natural resource wealth. Rich endowments of oil, gas and minerals have set some countries on courses of sustained and robust prosperity; but they have left others riddled with corruption and persistent poverty, with little of lasting value to show for squandered wealth. And amongst the most important of these decisions are those relating to the tax treatment of oil, gas and minerals.

This book will be of interest to Economics postgraduates and researchers working on resource issues, as well as professionals working on taxation of oil, gas and minerals/mining.

There are few areas of economic policy-making in which the returns to good decisions are so high-and the punishment of bad decisions so cruel-as in the management of natural resource wealth. Rich endowments of oil, gas and minerals have set some countries on courses of sustained and robust prosperity; but they have left others riddled with corruption and persistent poverty, with little of lasting value to show for squandered wealth. And amongst the most important of these decisions are those relating to the tax treatment of oil, gas and minerals. This book will be of interest to Economics postgraduates and researchers working on resource issues, as well as professionals working on taxation of oil, gas and minerals/mining "A timely and welcome guide to policy makers and advisers in the area of resource taxation, combining theoretical underpinings with. sound practical advice over a range of relevant topics, from tax design, through fiscal and financial modeling to tax administration. It will be an invaluable reference in countries such as my own, where the discovery of major new oil and gas reserves, a large. established mining sector, and new and renewed investor interest have attracted national and international interest, with particular focus on the generation, collection, sharing and management of extractive industry revenues." Joseph Amoake-Tuffour, Advisor, Ministry of Finance and Economic Planning, Republic of Ghana "This book is a rich source of reference for all who are concerned with the fiscal regimes for natural resources. The revenues which natural resources generate are often their main contribution to economic development. Thus, it is critical that governments and their citizens understand the fiscal alternatives available to them, the historical experience and what may be expected of these regimes, and the practical problems of administration and implementation. Those charged with making wise and informed decisions, especially where natural resources bulk large, will profit greatly from the contributions assembled here." Joseph C. Bell, Chair, Advisory Board, Revenue Watch Institute Oil, gas, and mineral deposits are a substantial part of the wealth of many countries, not least in developing and emerging market economies. Harnessing some part of that wealth for fiscal purposes is critical for economic development. This book shows how the harnessing in few areas of economic life are the returns to good policy Oil, Gas And Mineral Deposits Are A Substantial Part Of The Wealth Of Many Countries, Not Least In Developing And Emerging Market Economies. Harnessing Some Part Of That Wealth For Fiscal Purposes Is Critical For Economic Development: In Few Areas Of Economic Life Are The Returns To Good Policy So Large, Or Mistakes So Costly. Part 1. Conceptual Overview -- Part 2. Sectoral Experiences And Issues -- Part 3. Special Topics -- Part 4. Implementation -- Part 5. Stability And Credibility. Edited By Philip Daniel, Michael Keen And Charles Mcpherson. Includes Bibliographical References And Index.