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Better designed and implemented fiscal regimes for oil, gas, and mining can make a substantial contribution to the revenue needs of many developing countries while ensuring an attractive return for investors, according to a new policy paper from the International Monetary Fund. Revenues from extractive industries (EIs) have major macroeconomic implications. The EIs account for over half of government revenues in many petroleum-rich countries, and for over 20 percent in mining countries. About one-third of IMF member countries find (or could find) resource revenues “macro-critical” – especially with large numbers of recent new discoveries and planned oil, gas, and mining developments. IMF policy advice and technical assistance in the field has massively expanded in recent years – driven by demand from member countries and supported by increased donor finance. The paper sets out the analytical framework underpinning, and key elements of, the country-specific advice given. Also available in Arabic: ????? ??????? ?????? ???????? ???????????: ??????? ???????? Also available in French: Régimes fiscaux des industries extractives: conception et application Also available in Spanish: Regímenes fiscales de las industrias extractivas: Diseño y aplicación
Book Synopsis Fiscal Regimes for Extractive Industries—Design and Implementation by : International Monetary Fund. Fiscal Affairs Dept.
Download or read book Fiscal Regimes for Extractive Industries—Design and Implementation written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2012-08-16 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: Better designed and implemented fiscal regimes for oil, gas, and mining can make a substantial contribution to the revenue needs of many developing countries while ensuring an attractive return for investors, according to a new policy paper from the International Monetary Fund. Revenues from extractive industries (EIs) have major macroeconomic implications. The EIs account for over half of government revenues in many petroleum-rich countries, and for over 20 percent in mining countries. About one-third of IMF member countries find (or could find) resource revenues “macro-critical” – especially with large numbers of recent new discoveries and planned oil, gas, and mining developments. IMF policy advice and technical assistance in the field has massively expanded in recent years – driven by demand from member countries and supported by increased donor finance. The paper sets out the analytical framework underpinning, and key elements of, the country-specific advice given. Also available in Arabic: ????? ??????? ?????? ???????? ???????????: ??????? ???????? Also available in French: Régimes fiscaux des industries extractives: conception et application Also available in Spanish: Regímenes fiscales de las industrias extractivas: Diseño y aplicación
Mining and petroleum projects share characteristics distinguishing them from other sectors of the economy, which has led to the use of dedicated fiscal regimes for these projects. The IMF’s Fiscal Affairs Department uses fiscal modeling to evaluate extractive industry fiscal regimes for its member countries, and trains country officials on key modeling concepts. This paper outlines important preconditions needed for effective fiscal modeling, key evaluation metrics, and emphasizes the importance of transparent modeling practices. It then examines the modeling of commonly-used fiscal instruments and highligts where their economic impact differs, and how fiscal models can inform fiscal regime design.
Book Synopsis Cash Flow Analysis of Fiscal Regimes for Extractive Industries by : Thomas Benninger
Download or read book Cash Flow Analysis of Fiscal Regimes for Extractive Industries written by Thomas Benninger and published by International Monetary Fund. This book was released on 2024-04-26 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mining and petroleum projects share characteristics distinguishing them from other sectors of the economy, which has led to the use of dedicated fiscal regimes for these projects. The IMF’s Fiscal Affairs Department uses fiscal modeling to evaluate extractive industry fiscal regimes for its member countries, and trains country officials on key modeling concepts. This paper outlines important preconditions needed for effective fiscal modeling, key evaluation metrics, and emphasizes the importance of transparent modeling practices. It then examines the modeling of commonly-used fiscal instruments and highligts where their economic impact differs, and how fiscal models can inform fiscal regime design.
Mexico has large extractive industries and it traditionally has raised sizable fiscal revenues from the oil and gas sector. A confluence of factors—elevated commodity prices, financial challenges of the state-owned oil company Pemex, and revenue needs for financing social and public investment spending over the medium term—suggest that a review of Mexico’s taxation regimes for natural resources would be opportune, against the backdrop of a comprehensive approach to tackling Mexico’s challenges. This paper identifies opportunities for redesigning mining taxation to increase somewhat the revenue intake while maintaining the favorable investment profile of the sector. It also discusses recent reforms to the oil and gas fiscal regime and future reform considerations, with attention to the attractiveness of investment on commercial terms—an issue that should be placed in the context of an overall reform of Pemex’s business strategy and possibly of the energy sector more generally.
Book Synopsis Natural Resource Taxation in Mexico: Some Considerations by : Ms. Alpa Shah
Download or read book Natural Resource Taxation in Mexico: Some Considerations written by Ms. Alpa Shah and published by International Monetary Fund. This book was released on 2021-10-18 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mexico has large extractive industries and it traditionally has raised sizable fiscal revenues from the oil and gas sector. A confluence of factors—elevated commodity prices, financial challenges of the state-owned oil company Pemex, and revenue needs for financing social and public investment spending over the medium term—suggest that a review of Mexico’s taxation regimes for natural resources would be opportune, against the backdrop of a comprehensive approach to tackling Mexico’s challenges. This paper identifies opportunities for redesigning mining taxation to increase somewhat the revenue intake while maintaining the favorable investment profile of the sector. It also discusses recent reforms to the oil and gas fiscal regime and future reform considerations, with attention to the attractiveness of investment on commercial terms—an issue that should be placed in the context of an overall reform of Pemex’s business strategy and possibly of the energy sector more generally.
The taxation of extractive industries exploiting oil, gas, or minerals is usually treated as a sovereign, national policy and administration issue. This book offers a uniquely comprehensive overview of the theory and practice involved in designing policies on the international aspects of fiscal regimes for these industries, with a particular focus on developing and emerging economies. International Taxation and the Extractive Industries addresses key topics that are not frequently covered in the literature, such as the geo-political implications of cross-border pipelines and the legal implications of mining contracts and regional financial obligations. The contributors, all of whom are leading researchers with experience of working with governments and companies on these issues, present an authoritative collection of chapters. The volume reviews international tax rules, covering both developments in the G20-OECD project on ’Base Erosion and Profit Shifting’ and more radical proposals, identifying core challenges in the extractives sector. This book should become a core resource for both scholars and practitioners. It will also appeal to those interested in international tax issues more widely and those who study environmental economics, macroeconomics and development economics.
Book Synopsis International Taxation and the Extractive Industries by : Philip Daniel
Download or read book International Taxation and the Extractive Industries written by Philip Daniel and published by Taylor & Francis. This book was released on 2016-09-23 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt: The taxation of extractive industries exploiting oil, gas, or minerals is usually treated as a sovereign, national policy and administration issue. This book offers a uniquely comprehensive overview of the theory and practice involved in designing policies on the international aspects of fiscal regimes for these industries, with a particular focus on developing and emerging economies. International Taxation and the Extractive Industries addresses key topics that are not frequently covered in the literature, such as the geo-political implications of cross-border pipelines and the legal implications of mining contracts and regional financial obligations. The contributors, all of whom are leading researchers with experience of working with governments and companies on these issues, present an authoritative collection of chapters. The volume reviews international tax rules, covering both developments in the G20-OECD project on ’Base Erosion and Profit Shifting’ and more radical proposals, identifying core challenges in the extractives sector. This book should become a core resource for both scholars and practitioners. It will also appeal to those interested in international tax issues more widely and those who study environmental economics, macroeconomics and development economics.
"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 "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) "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 Synopsis The Taxation of Petroleum and Minerals by : Philip Daniel
Download or read book The Taxation of Petroleum and Minerals written by Philip Daniel and published by Routledge. This book was released on 2010 with total page 454 pages. Available in PDF, EPUB and Kindle. Book excerpt: "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 "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) "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
This paper provides a conceptual overview of economists’ attempts to learn about the effects of taxes on extractive resources. The emphasis is on research methods and techniques, with no attempt to provide a comprehensive tabulation of previous empirical results or policy conclusions regarding preferred tax instruments or systems. We argue, in fact, that the nature of such conclusions largely depends on the researcher’s choice of modeling framework. Many alternative frameworks and approaches have been developed in the literature. Our goal is to describe the differences among them and to note their strengths and limitations.
Book Synopsis Issues in Extractive Resource Taxation by : Mr.James L. Smith
Download or read book Issues in Extractive Resource Taxation written by Mr.James L. Smith and published by International Monetary Fund. This book was released on 2012-12-06 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a conceptual overview of economists’ attempts to learn about the effects of taxes on extractive resources. The emphasis is on research methods and techniques, with no attempt to provide a comprehensive tabulation of previous empirical results or policy conclusions regarding preferred tax instruments or systems. We argue, in fact, that the nature of such conclusions largely depends on the researcher’s choice of modeling framework. Many alternative frameworks and approaches have been developed in the literature. Our goal is to describe the differences among them and to note their strengths and limitations.
This Technical Assistance report reviews South Africa’s tax system and also examines the fiscal regime with a view to generating a sustainable revenue contribution from mining and petroleum in future. Mining has historically been the mainstay of the South African economy. Mineral exports remain the principal contributor to foreign exchange earnings on the current account. South Africa is not yet a significant producer of crude oil or natural gas. Oil and gas exploration nevertheless shows promise. Taxation is far from top of the list in current challenges facing the development of extractive industries in South Africa. The national goal of economic and social transformation in favor of Historically Disadvantaged South Africans has major impact on the mining sector.
Book Synopsis South Africa by : International Monetary Fund. Fiscal Affairs Dept.
Download or read book South Africa written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2015-09-08 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Assistance report reviews South Africa’s tax system and also examines the fiscal regime with a view to generating a sustainable revenue contribution from mining and petroleum in future. Mining has historically been the mainstay of the South African economy. Mineral exports remain the principal contributor to foreign exchange earnings on the current account. South Africa is not yet a significant producer of crude oil or natural gas. Oil and gas exploration nevertheless shows promise. Taxation is far from top of the list in current challenges facing the development of extractive industries in South Africa. The national goal of economic and social transformation in favor of Historically Disadvantaged South Africans has major impact on the mining sector.
This manual introduces key concepts and methodology used by the Fiscal Affairs Department (FAD) in its fiscal analysis of resource industries (FARI) framework. Proper evaluation of fiscal regimes for extractive industries (EI) requires economic and financial analysis at the project level, and FARI is an analytical tool that allows such fiscal regime design and evaluation. The FARI framework has been primarily used in FAD’s advisory work on fiscal regime design: it supports calibration of fiscal parameters, sensitivity analysis, and international comparisons. In parallel to that, FARI has also evolved into a revenue forecasting tool, allowing IMF economists and government officials to estimate the composition and timing of expected revenue streams from the EI sector, analyze revenue management issues (including quantification of fiscal rules), and better integrate the EI sector in the country macroeconomic frameworks. Looking forward, the model presents a useful tool for revenue administration practitioners, allowing them to compare actual, realized revenues with model results in tax gap analysis.
Book Synopsis Fiscal Analysis of Resource Industries by : Ms.Oana Luca
Download or read book Fiscal Analysis of Resource Industries written by Ms.Oana Luca and published by International Monetary Fund. This book was released on 2016-02-24 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This manual introduces key concepts and methodology used by the Fiscal Affairs Department (FAD) in its fiscal analysis of resource industries (FARI) framework. Proper evaluation of fiscal regimes for extractive industries (EI) requires economic and financial analysis at the project level, and FARI is an analytical tool that allows such fiscal regime design and evaluation. The FARI framework has been primarily used in FAD’s advisory work on fiscal regime design: it supports calibration of fiscal parameters, sensitivity analysis, and international comparisons. In parallel to that, FARI has also evolved into a revenue forecasting tool, allowing IMF economists and government officials to estimate the composition and timing of expected revenue streams from the EI sector, analyze revenue management issues (including quantification of fiscal rules), and better integrate the EI sector in the country macroeconomic frameworks. Looking forward, the model presents a useful tool for revenue administration practitioners, allowing them to compare actual, realized revenues with model results in tax gap analysis.
The extractive industries (EI) sector occupies an outsize space in the economies of many developing countries. Policy makers, economists, and public finance professionals working in such countries are frequently confronted with issues that require an in-depth understanding of the sector, its economics, governance, and policy challenges
Book Synopsis The Extractive Industries Sector by : Håvard Halland
Download or read book The Extractive Industries Sector written by Håvard Halland and published by World Bank Publications. This book was released on 2015-09-02 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt: The extractive industries (EI) sector occupies an outsize space in the economies of many developing countries. Policy makers, economists, and public finance professionals working in such countries are frequently confronted with issues that require an in-depth understanding of the sector, its economics, governance, and policy challenges
Book Synopsis Fiscal Regimes for Extractive Industries by : Philip Daniel
Download or read book Fiscal Regimes for Extractive Industries written by Philip Daniel and published by . This book was released on 2015 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt:
