Oil & Gas Specifics
Transparency and Accountability
Policy, Legal and Contractual Framework
Sector Organization and Institutions
Fiscal Design and Administration
Revenue Management and Distribution
Sustainable Development
- Fiscal gearing mechanisms are widely applied in the oil sector, and usually come in the form of additions to or adaptations of other base-level fiscal instruments. The most accurate gearing mechanisms are those which are based on actually achieved investor profitability rather than some proxy for profitability. This particular class of gearing mechanisms is typically faulted on the grounds of perceived administrative complexity.
- Price determination for fiscal purposes can be complicated. The goal is to set or agree a price which is as close as possible to that which would be realized in a genuine third party, arms-length market sale. The goal is most easily accomplished in the case of oil where well established international markets exist, and price quotes, together with price adjustments for crude oil quality and transport differentials are almost continuously available.
- In the case of gas, competitive markets exist in only the US and the UK – readily observable prices for fiscal purposes do not exist outside those markets and are often set on a project by project basis. Further, the marketing of natural gas and some minerals may be integrated all the way from the wellhead or mine-mouth through processing or smelting and transport all the way to final consumer, with different tax regimes applicable along the integrated chain. Good practice generally calls for netting the price paid by the final consumer back to wellhead in such a way that rents accrue at those resource extraction points.
- In the petroleum industry, tax audit is helped by the common practice of investor joint ventures whose rules provide not only for detailed, and increasingly standard, accounting for costs but also for partner audits of the joint venture operator.
- The petroleum fiscal regime is generally administered by the taxation authority in close collaboration with the National Oil Company and the sector ministry.
Within This Chapter
Analysis, Policies & Strategies (27)
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Albania Update Fiscal Laws for 2014
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Alberta, Ten Year Plan to End Addiction to ...
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Arbitration and Taxation (in French)
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Brief on Transfer Pricing, Context & Ch...
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Capital Gains Issues in the Extractive Indu...
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Contractual Assurances of Fiscal Stability
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Effective EI Taxation Regimes
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Evaluating the Attractiveness of Fiscal Reg...
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Fiscal Decentralization and Mining Taxation
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Ghana and its Oil, Democracy at Risk
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Ghana Petroleum Funds 2012 1st biannual rep...
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Greece Petroleum Fiscal Open Door Invitatio...
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Mexico New Fiscal System Approved for the O...
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Mineral royalties & other mining-specif...
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Mozambique Introduces New Tax Regime and In...
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Reflections on Sovereignty over Natural Res...
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Repairing Canada's Mining-Tax System to be ...
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Special Fiscal Institutions for Resource-Ri...
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Stabilisation Funds in Oil-Rich Countries a...
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Study on Transfer Pricing and Developing Co...
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Tanzania Enacts legislation Impacting the O...
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The Tricky Art of Measuring Fossil Fuel Sub...
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Transfer Pricing in the Mining Industry (RS...
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Uganda Contracts Curse, Oil Agreements Plac...
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UK, Hypothetical Scottish Shares of North S...
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UK, Scottish Independence, The Fiscal Conte...
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Venezuela, Oil Taxation in the Orinoco Belt...
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Country Briefings (20)
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Albania Regulatory and Fiscal Hydrocarbons ...
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Brazil, Country of the Future or Has Its Ti...
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Cambodia Fiscal System for Petroleum and Mi...
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Cameroon Oil and Gas Fiscal Regime
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Canada Investment Incentives
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Canada, Capturing Economic Rents from Resou...
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Canada, Measuring Effective Tax Rates for O...
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Canada, Plucking the Golden Goose, Higher R...
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Colombia, Mining Taxation Analysis
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Greece, Why Has Greece Preferred the Tax Ro...
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Israel, Hydrocarbon Fiscal Analysis and Com...
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Italy, Taxation and Investment
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Kenya Petroleum Fiscal Regime
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Kenya Revises Taxation Applicable to the Oi...
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Mexico Oil & Gas Fiscal Regime
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Nigeria Oil and Gas Fiscal Regime
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Tanzania Oil and Gas Fiscal Framework
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Uganda and Ghana, Selling Oil Assets, A Tax...
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Venezuela Petroleum Fiscal and Contractual ...
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Zimbabwe Fiscal Institutions
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Funding (1)
Guides/ Handbooks (5)
Investment & Procurement Laws & Regs (9)
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Afghanistan Income Tax Law 2009
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Kenya Income Tax Act
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Mongolia General Law on Taxation 2008
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Mozambique Amendment of Article 5 of the Co...
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Mozambique Income Tax Code Reg. 2008
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Mozambique Law Revision of the Tax Incentiv...
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Mozambique Law Updating the Tax Legislation...
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Senegal General Tax Code (in French)
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Uganda Income Tax & VAT Act 2011
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Laws & Regulations (2)
Learning Modules and Training (1)
Mining Laws & Regs (1)
Petroleum Laws & Regs (12)
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Angola Petroleum Taxation Law 2004
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Eritrea, Revised Proclomation 109,2000 re. ...
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Namibia Petroleum Taxation Act 1991
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Nigeria Petroleum Profits Tax Act
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Norway Petroleum Taxation Act 2007
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Philippines Petroleum Fiscal Regime
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Sao Tome and Principe (in Portuguese) Petro...
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South Africa Mineral Petroleum Resources Ro...
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South Sudan Taxation Act 2009
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South Sudan Taxation Amendment Act 2011
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Timor-Leste Petroleum Taxation Law 2005
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Trinidad and Tobago Petroleum Taxes Act
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Student Work (4)
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