By Carole Nakhle
Petroleum taxation is the common tool wherein governments search to figure out the an important stability among the monetary pursuits of the oil businesses and the vendors of the source. This publication addresses how governments have and proceed to technique this challenge, the affects of alternative coverage offerings and the way those are being tailored to altering enterprise stipulations. Carole Nakhle offers the reader with an illuminating and strong research of the complete taxation tale, from the elemental theoretical issues via to complex computations utilized to numerous tax regimes.
Nakhle’s major argument is that petroleum taxation is a topic of complexity, type and topic to persisted evolution, being surrounded and formed by means of multifaceted geological, technical and marketplace elements including unpredictable political impacts. the writer demanding situations the belief that excellent versions of petroleum taxation might be designed and utilized to international locations and situations all over the world, arguing that an incredible constitution exists purely in conception yet should be still an invaluable benchmark opposed to which to check proposed economic platforms.
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Additional info for Petroleum Taxation (Routledge Studies in International Business and the World Economy)
Sample text
However, this raises the issue of whether companies are motivated by the prospect of normal profit, since businesses usually seek to maximise profits. Furthermore, since the threshold reflects the investor’s required rate of return, this can vary from one project to another. As regards the generation of early revenues, if the government applies RRT it is unlikely to receive revenues until several years after first production. This is principally because the threshold rate has to be achieved before RRT becomes payable.
Demand management For energy-producing countries, if the cost of domestic production of an energy source is very low compared to that in the international market then prices in the local market will be low. In this case, indirect taxation (at the point of purchase) can be applied to reduce the differential, hence discouraging wasteful energy use as well as counteracting distortions in investment choices. In contrast, domestic political pressures can lead the other way, namely to severe under-pricing of the oil resource and related products, usually for reasons of political and popular pressure.
This cost, which is also referred to as scarcity rent or user cost, equals the net present value of the loss in future profits associated with producing one more unit of output today. 12 Non-renewable resource projects that cannot recover their production costs plus user costs have an incentive to alter their behaviour by ceasing production. If the market price is not high enough to cover both the production and user costs a firm is better off keeping the reserves in the ground for use in the future.