Read Online UK Petroleum Concession and Fiscal Regime: Comparative Analysis of UK and Russia Petroleum Taxation Included (Oil and Gas Law Book 2) - Johnathan Borg | ePub
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Successive administrations have developed a fiscal regime under a concession, which provides taxation incentives to oil and gas companies to explore and develop the uk oil and gas reserves while at the same time securing an appropriate share of these resources for the nation.
The primary advantage of this type of oil and gas agreement or fiscal regime is that it is straightforward. Unlike psas and risk service contracts, negotiation is less complex. Simply put, a state or mineral rights owner benefits from a concession due to the simplicity of the agreement.
This is a concessionary license system taxation, to tax a high proportion of the resource rent. In the united kingdom, it is known as petroleum revenue tax (prt), where a 50% tax is accounted for income from each oil field.
1 the uk has been a major producer of oil and gas since the 1970s. The uk government’s objectives for managing the uk’s oil and gas reserves are twofold: to maximise the economic recovery of hydrocarbon resources1 to obtain a fair share of the net income from those resources for the nation, primarily through taxation.
The uk petroleum fiscal regime in terms of governmental tax take and the balance between the state and oil companies (abdo, 2008; 2010b; hmrc, 2010). However, the introduction of the sc in 2002, and the two increases in its rate – in 2006 and in 2011 – have gone some way to re-strengthening the uk petroleum fiscal system.
Petroleum revenue tax (prt) is a tax on the profits from oil and gas production in the uk or on the uk continental shelf. Prt only applies to fields that were approved before 16 march 1993.
The course provides an overview of all fiscal terms and conditions for oil and gas licenses, leases, concessions, pscs, risk service and profit-sharing contracts around the world, including detailed analysis of economic results and government take.
Oil and gas-related activities on the ukcs are subject to a special fiscal regime and, prior to budget 2016, profits arising from such activities were subject to ring-fence corporation tax (rfct) at a rate of 30 per cent, sc at a rate of 20 per cent and, if development consent was obtained prior to 16 march 1993, prt at a rate of 35 per cent.
The aim of this paper is to show the existing fiscal systems in the petroleum industry and to analyze the process for concluding a contract regarding the exploration and production of hydrocarbons.
Over the last 40 years or so, the uk has developed into one of the world’s major oil production countries. Isuccessive administrations have developed a fiscal regime using the concession model.
Contribution the oil and gas industry makes to the uk economy will be recognised as part of the review and that the ukcs will be seen more as an ‘economic asset’ rather than a ‘fiscal asset’. The uk has a three-tiered taxation system of petroleum revenue tax (prt), supplementary charge tax (sct) and ring fence corporation tax (rfct).
Fiscal stability clauses are wide-spread in petroleum contracts to solve problems deriving from: the large size and the sunk en nature of the initial investmen t; long payback and profit ability.
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