Key Issues in Natural Resource Taxation and Revenue Management in the Commonwealth
Public policies in taxation and revenue management are key to ensuring natural resource wealth results in economic development. Tax policy and systems should ensure that whenever natural resources are extracted, the host state receives a fair share of revenue. Revenue management policies are required to ensure that government revenues from natural resources are wisely
used to finance sustainable economic development.
This Economic Paper analyses key issues in natural resource taxation and revenue management and recommends policies that can improve countries’ economic performance. The discussion draws on economic theory, empirical evidence and the work of the Commonwealth Secretariat.
Contents
Abbreviations and acronyms
Summary
Chapter 1: Introduction
Chapter 2: Taxation of Natural Resources in Commonwealth Countries
2.1 Why tax natural resource extraction differently from other economic activity?
2.2 Designing systems for the efficient taxation of natural resources
2.3 An approach to natural resource taxation
Chapter 3: Management of Revenue from Natural Resources
3.1 Negative economic impacts of natural resource revenues
3.2 Fiscal rules
3.3 Designing fiscal rules for natural resource revenue management
3.4 Sovereign wealth funds
3.5 Designing SWFs
Chapter 4: Conclusion
Annex 1: Statistical Data on Resource-rich Developing Commonwealth Countries 2004 to 2013
Annex 2: Breakeven Oil Prices for USA Shale Plays
Annex 3: Fiscal Instruments for the Taxation of Petroleum Production
Annex 4: A Comparison of Timor-Leste’s and Nigeria’s Sovereign Wealth Funds
References
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