Edited by Robert Halvorsen and David F. Layton
Chapter 5: Rent taxes and royalties in designing fiscal regimes for nonrenewable resources
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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