Fiscal Systems for Hydrocarbons: Design Issues

Although host governments and investors may share one common objective - the desire for projects to generate high levels off revenue - their other goals are not entirely aligned. Host governments aim to maximize rent for their country over time, while achieving other development and socioeconomic ob...

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Bibliographische Detailangaben
1. Verfasser:	Tordo, Silvana
Format:	Buch
Sprache:	eng
Schlagworte:	ACCOUNTING ADMINISTRATIVE BURDEN ADMINISTRATIVE FEES ADMINISTRATIVE PROCEDURES AMORTIZATION Anreiz ARBITRATION BALANCE OF PAYMENTS BENCHMARK BID BONDS BORROWING BUDGETING CALCULATION CALCULATIONS CAPACITY CONSTRAINTS CAPITAL EXPENDITURE CAPITAL INVESTMENT CASH FLOW CASH FLOWS CHAMBER OF COMMERCE COMMODITIES COMMODITY COMPETITIVE MARKET COMPETITIVENESS COPYRIGHT CLEARANCE COPYRIGHT CLEARANCE CENTER CORPORATE INCOME TAXES CORPORATE TAX CORPORATE TAX RATE CORPORATE TAXES COST ASSUMPTIONS COST OF CAPITAL COST RECOVERY COST SAVINGS COST STRUCTURE COUNTRY RISK COUNTRY RISKS CREDITS CURRENCY DECISION MAKING DEPOSITS DEPRECIATION DEVELOPING COUNTRIES DISCLOSURE OF INFORMATION DISCOUNT RATE DISCOUNT RATES DISCOUNTED VALUE DISTORTIONARY EFFECTS DOMESTIC MARKET EARNINGS ECONOMIC CONDITIONS ECONOMIC EFFICIENCY ECONOMIC IMPACT ECONOMIC LIFE ECONOMIC OBJECTIVES ECONOMIC PERFORMANCE ECONOMIC RENT ECONOMIC STRENGTH ECONOMICS EFFECTIVE USE ENTITLEMENTS ENVIRONMENTAL ENVIRONMENTAL IMPACT ENVIRONMENTAL PRACTICES ENVIRONMENTAL TAXES EQUILIBRIUM EXCESS PROFITS EXCHANGE CONTROLS EXCHANGE RATES EXPENDITURE EXPENDITURES EXPLOITATION FAIR VALUE FEASIBILITY STUDIES FINANCIAL HEALTH FINANCIAL INCENTIVE FINANCIAL RISKS FISCAL POLICIES FISCAL POLICY FLOW OF INVESTMENT FOREIGN EXCHANGE FOREIGN INVESTMENT FUTURE CASH FLOW FUTURE PRICES FUTURE PROSPECTS GDP GLOBAL MARKET GOVERNMENT GRANTS GOVERNMENT POLICY GOVERNMENT REVENUE GROSS INCOME GROSS REVENUE HOME COUNTRIES HOME COUNTRY HOST GOVERNMENT HOST GOVERNMENTS INCENTIVE PROGRAMS INCOME INCOME TAX INCOME TAXES INEFFICIENCY INFLATION INSURANCE INTANGIBLE INTEREST RATE INTERNAL RATE OF RETURN INTERNATIONAL BANK INTERNATIONAL INVESTMENT INTERNATIONAL MARKET INVESTING INVESTMENT ACTIVITIES INVESTMENT ACTIVITY INVESTMENT DECISIONS INVESTMENT OPPORTUNITIES INVESTMENT PROJECTS INVESTMENT RISK INVESTMENT RISKS JOB CREATION JURISDICTIONS LEGAL FRAMEWORK LEGAL FRAMEWORKS LEGAL SYSTEMS LEGISLATION LEVIES LIABILITY LOCAL INFRASTRUCTURE MACROECONOMIC STABILITY MARKET CONDITIONS MARKET DEMANDS MARKET PRICE MARKET PRICES MARKETING Mineralölwirtschaft MODEL CONTRACTS NATURAL RESOURCES NET WORTH NORMAL PROFITS OIL Oil industry OIL PRICE OIL PRICES OIL SECTOR OPEC OPTIMIZATION OUTPUT PARTICULAR COUNTRY Petroleum industry and trade POLICY ENVIRONMENT POLICY MAKERS POLITICAL RISK POLITICAL RISKS POLITICAL STABILITY PORTFOLIO POTENTIAL INVESTORS PRESENT VALUE PRICE INDICES PRICE LEVELS PRICE VARIATIONS PRICE VOLATILITY PRIVATE INVESTORS PRIVATE PARTIES PRIVATE PROPERTY PROBABILITY PRODUCERS PRODUCTION RATES PRODUCTIVITY PROFIT SHARING PROFITABILITY PROFITABILITY RATIO PROPERTY RIGHTS PUBLIC POLICY RATE OF RETURN RECLAMATION REGULATORY FRAMEWORK REMOTE AREAS RENEGOTIATION RENEGOTIATIONS RESERVE RESERVE FUNDS RESERVES RESOURCE ALLOCATION RETURN RISK MANAGEMENT RISK MANAGEMENT STRATEGIES RISK PROFILE RULE OF LAW SALE SALES SAVINGS SENIOR SETTLEMENT SHARE OF PROFIT SHARE OF PROFITS SHAREHOLDERS STATISTICAL DATA Steuervergünstigung STREAMS SURETIES TAX TAX CODE TAX CREDIT TAX DEDUCTIBLE TAX LAWS TAX LIABILITY TAX RATES TAX REGIME TAX REVENUE TAX REVENUES TAX SYSTEM TAX SYSTEMS TAX YEAR TAXABLE INCOME TAXATION TERMINATION TOTAL COST TRANSPARENCY TREASURY TYPE OF INVESTMENT VALUABLE VALUATION VALUE ADDED WEALTH
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Beschreibung
Zusammenfassung:	Although host governments and investors may share one common objective - the desire for projects to generate high levels off revenue - their other goals are not entirely aligned. Host governments aim to maximize rent for their country over time, while achieving other development and socioeconomic objectives. Investors aim to ensure that the return on investment is consistent with the risk associated with the project, and with their corporations' strategic objectives. To reconcile these often conflicting objectives, more and more countries rely on transparent institutional arrangements and flexible, nuetral fiscal regimes. This paper examines the key elements of the legal and fiscal frameworks utilized in the petroleum sector and aims to outline desirable features that should be considered in the design of fiscal policy with the objective of optimizing the host government's benefits, taking into account the effect this would have on the private sector's investment.
DOI:	10.1596/978-0-8213-7266-1