Handbook on the Economics of Natural Resources

Handbook on the Economics of Natural Resources

Edited by Robert Halvorsen and David F. Layton

The topics discussed in the Handbook on the Economics of Natural Resources are essential for those looking to understand how best to use and conserve the resources that form the foundation for human well-being. These include nonrenewable resources, modeling of biological resources, conservation of biological resources and water resources. The expert contributors of this Handbook provide solutions to many of the problems that growing populations now face, and sketch the likely future developments in the field of natural resource economics whilst paving the way for new thinking.

Chapter 5: Rent taxes and royalties in designing fiscal regimes for nonrenewable resources

Robin Boadway and Michael Keen

Subjects: economics and finance, environmental economics, environment, environmental economics


The taxation of nonrenewable natural resources – meaning, for present purposes, petroleums (oil and gas) and minerals – is an important source of government revenue for many countries including, increasingly, many developing ones. For example, over 80 percent of government revenue comes from petroleum in several Middle Eastern countries as well as Brunei and Equatorial Guinea; 45 percent comes from mining in Botswana; and about one-quarter of government revenue comes from mining and petroleum combined in Bolivia, Democratic Republic of Congo, Indonesia, Papua New Guinea, Russia and Vietnam; and major new discoveries have been made in Ghana, Uganda and elsewhere (IMF, 2012a). Lesser, but still significant, revenue contributions from nonrenewable natural resource are found in several Organisation for Economic Co-operation and Development (OECD) countries, including Australia, Canada, Norway, and the United Kingdom. The design of natural resource revenue regimes is thus of considerable importance in a large and diverse range of countries.

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