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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.
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.
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
Public policies in taxation and revenue management are key to ensuring natural resource wealth results in economic development. Tax policy and systems should ensure that whenever natural resources are extracted, the host state receives a fair share of revenue. Revenue management policies are required to ensure that government revenues from natural resources are wisely used to finance sustainable economic development. This Economic Paper analyses key issues in natural resource taxation and revenue management and recommends policies that can improve countries’ economic performance. The discussion draws on economic theory, empirical evidence and the work of the Commonwealth Secretariat.
Book Synopsis Key Issues in Natural Resource Taxation and Revenue Management in the Commonwealth by : Daniel Wilde
Download or read book Key Issues in Natural Resource Taxation and Revenue Management in the Commonwealth written by Daniel Wilde and published by Commonwealth Secretariat. This book was released on 2016-10-11 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public policies in taxation and revenue management are key to ensuring natural resource wealth results in economic development. Tax policy and systems should ensure that whenever natural resources are extracted, the host state receives a fair share of revenue. Revenue management policies are required to ensure that government revenues from natural resources are wisely used to finance sustainable economic development. This Economic Paper analyses key issues in natural resource taxation and revenue management and recommends policies that can improve countries’ economic performance. The discussion draws on economic theory, empirical evidence and the work of the Commonwealth Secretariat.
This handbook is one of the first of its kind to focus attention on effectively administering revenues from extractive industries. It provides policymakers and officials in developing and emerging market economies with practical guidelines to establish a robust legal framework, organization, and procedures for administering revenue from these industries. It discusses transparency and how to promote it in the face of increasing demands for clarity and how developing countries can strengthen their managerial and technical capacity to administer these revenues.
Book Synopsis Administering Fiscal Regimes for Extractive Industries by : Mr.Jack Calder
Download or read book Administering Fiscal Regimes for Extractive Industries written by Mr.Jack Calder and published by International Monetary Fund. This book was released on 2014-07-18 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: This handbook is one of the first of its kind to focus attention on effectively administering revenues from extractive industries. It provides policymakers and officials in developing and emerging market economies with practical guidelines to establish a robust legal framework, organization, and procedures for administering revenue from these industries. It discusses transparency and how to promote it in the face of increasing demands for clarity and how developing countries can strengthen their managerial and technical capacity to administer these revenues.
This handbook is one of the first of its kind to focus attention on effectively administering revenues from extractive industries. It provides policymakers and officials in developing and emerging market economies with practical guidelines to establish a robust legal framework, organization, and procedures for administering revenue from these industries. It discusses transparency and how to promote it in the face of increasing demands for clarity and how developing countries can strengthen their managerial and technical capacity to administer these revenues.
Book Synopsis Administering Fiscal Regimes for Extractive Industries by : Mr.Jack Calder
Download or read book Administering Fiscal Regimes for Extractive Industries written by Mr.Jack Calder and published by International Monetary Fund. This book was released on 2014-07-18 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: This handbook is one of the first of its kind to focus attention on effectively administering revenues from extractive industries. It provides policymakers and officials in developing and emerging market economies with practical guidelines to establish a robust legal framework, organization, and procedures for administering revenue from these industries. It discusses transparency and how to promote it in the face of increasing demands for clarity and how developing countries can strengthen their managerial and technical capacity to administer these revenues.
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 Routledge. This book was released on 2016-09-23 with total page 382 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.
The paper provides a critical review of the literature on the concept of progressivity in the taxation of petroleum and mineral resources and offers a fresh perspective on its purpose and measurement. Regressive taxes, such as royalties, exist to satisfy policy objectives other than revenue maximization, such as achieving early revenues, while rent-based or profit-sensitive fiscal instruments must be designed with progressive marginal rates to maximize government revenues. Hence, the emphasis should be placed on tax rate progression of the direct taxation of profit or rent, rather than progressivity in the overall government take. However, as regressive taxes, by their very nature, tend to be distortionary, the optimal degree of progression in the rent- or profit-tax rates must take these distortions into account. The central ideas are illustrated with a simple analytical model in which a second-best optimal tax rate schedule on profit is characterized in the presence of the tax distortions caused by the regressive taxes. Some practical implications of the analysis are discussed.
Book Synopsis Progressive Taxation of Extractive Resources as Second-Best Optimal Policy by : Jean-François Wen
Download or read book Progressive Taxation of Extractive Resources as Second-Best Optimal Policy written by Jean-François Wen and published by International Monetary Fund. This book was released on 2018-06-13 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper provides a critical review of the literature on the concept of progressivity in the taxation of petroleum and mineral resources and offers a fresh perspective on its purpose and measurement. Regressive taxes, such as royalties, exist to satisfy policy objectives other than revenue maximization, such as achieving early revenues, while rent-based or profit-sensitive fiscal instruments must be designed with progressive marginal rates to maximize government revenues. Hence, the emphasis should be placed on tax rate progression of the direct taxation of profit or rent, rather than progressivity in the overall government take. However, as regressive taxes, by their very nature, tend to be distortionary, the optimal degree of progression in the rent- or profit-tax rates must take these distortions into account. The central ideas are illustrated with a simple analytical model in which a second-best optimal tax rate schedule on profit is characterized in the presence of the tax distortions caused by the regressive taxes. Some practical implications of the analysis are discussed.
"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
Revenues from commodities are extremely important for Latin America and the Caribbean, yet there is very little literature on the structure of these industries and on the various ways in which the state obtains commodity revenues. This book aims to understand the trade-off between the degree of taxation overall, the profitability of the relevant industry and the amount of investment and subsequent production in the region, as well as the relevance of institutions in the performance of the sector. This volume focuses on economic efficiency: where Latin America stands in terms of the current tax system for the extractive sector; how policies have changed in this regard; and how policies may be improved. The Economics of Natural Resources in Latin America is timely, since this new era of lower and volatile prices and possible reconfiguration of investment flows poses a challenge to natural resource tax systems in the world. The argument of the book will be made by a collection of papers around the issue of tax efficiency in the region and concludes with chapters on institutions and the role of transparency. This book shows that there are varieties of experiences in resource taxation and management of revenues in Latin America that could be used to shape policy interventions in other regions. This variety is not only related to their diverse impact on welfare, but also on the policy challenges faced by the countries in the region. This volume is well suited for those who study and find interest in development economics, political economy and public finance, as well as policy
Book Synopsis The Economics of Natural Resources in Latin America by : Osmel E. Manzano M.
Download or read book The Economics of Natural Resources in Latin America written by Osmel E. Manzano M. and published by Routledge. This book was released on 2017-11-15 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: Revenues from commodities are extremely important for Latin America and the Caribbean, yet there is very little literature on the structure of these industries and on the various ways in which the state obtains commodity revenues. This book aims to understand the trade-off between the degree of taxation overall, the profitability of the relevant industry and the amount of investment and subsequent production in the region, as well as the relevance of institutions in the performance of the sector. This volume focuses on economic efficiency: where Latin America stands in terms of the current tax system for the extractive sector; how policies have changed in this regard; and how policies may be improved. The Economics of Natural Resources in Latin America is timely, since this new era of lower and volatile prices and possible reconfiguration of investment flows poses a challenge to natural resource tax systems in the world. The argument of the book will be made by a collection of papers around the issue of tax efficiency in the region and concludes with chapters on institutions and the role of transparency. This book shows that there are varieties of experiences in resource taxation and management of revenues in Latin America that could be used to shape policy interventions in other regions. This variety is not only related to their diverse impact on welfare, but also on the policy challenges faced by the countries in the region. This volume is well suited for those who study and find interest in development economics, political economy and public finance, as well as policy
