International Monetary Fund

Search
Please send us your feedback

IMF Seminars, Conferences, Workshops and Economic Forums

The Taxation of Petroleum and Minerals


Please RSVP acceptances only to publications@imf.org and include “Taxing Natural Resources” in the subject line. Guests are asked to arrive 10-15 minutes before the event to allow time for registration.


There are few areas of economic policymaking in which the returns to good decisions are so high—and the punishment of bad decisions so cruel—as in the management of natural resource wealth.

Rich endowments of oil, gas and minerals have set some countries on courses of sustained and robust prosperity; but they have left others riddled with corruption and persistent poverty, with little of lasting value to show for squandered wealth. And amongst the most important of these decisions are those relating to the tax treatment of oil, gas, and minerals.

Join panelists for a discussion on these and related topics to launch The Taxation of Petroleum and Minerals: Principles, Problems, and Practice, edited by Philip Daniel, Michael Keen, and Charles McPherson.

Panelists

Alan Gelb is Senior Fellow at the Center for Global Development. He was previously Director, Development Policy and Chief Economist for Africa at the World Bank. His areas of work include the management of resource-rich economies, African development, and aid mechanisms and allocation. He is the author of several books and of articles in economics, business and sociology journals.

Ian Gary is Senior Policy Manager for Extractive Industries with Oxfam America. He has held positions with the Ford Foundation and Catholic Relief Services as well as international development organizations in the U.S. and Africa. Ian is the author of the Oxfam America report Ghana’s Big Test: Oil’s Challenge to Democratic Development (2009); co-author of Bottom of the Barrel: Africa’s Oil Boom and the Poor (2003); and Chad’s Oil: Miracle or Mirage? (2005). Ian was an advisor with the World Bank Extractive Industries Advisory Group from 2005-2009 and was a leading advocate in the Publish What You Pay U.S. coalition effort that culminated in a 2010 U.S. law requiring disclosure of payments from oil and mining companies to host governments around the world.

Philip Daniel is Deputy Head, Tax Policy Division, Fiscal Affairs (FAD) at the IMF. Before joining FAD, Philip advised many governments on commercial negotiations and policies for extractive industries. From 2001 to 2006, Philip worked on petroleum commercial and intergovernmental negotiations for Timor-Leste. He previously held posts at the Universities of Cambridge and Sussex (UK), and at the Commonwealth Secretariat, London.

Moderator

Murilo Portugal, Deputy Managing Director of the IMF

Advance Praise for The Taxation of Petroleum and Minerals:


“A timely and welcome guide to policymakers and advisors in the area of resource taxation, combining theoretical underpinnings with sound practical advice over a range of relevant topics, from tax design, through fiscal and financial modeling to tax administration. It will be an invaluable reference in countries such as my own, where the discovery of major new oil and gas reserves, a large established mining sector, and new and renewed investor interest have attracted national and international interest, with particular focus on the generation, collection, sharing, and management of extractive industry revenue.” Joseph Amoake, Advisor, Ministry of Finance and Economic Planning, Republic of Ghana

“This book is a rich source of reference for all who are concerned with the fiscal regimes for natural resources. The revenues which natural resources generate are often their main contribution to economic development. Thus, it is critical that governments and their citizens understand the fiscal alternatives available to them, the historical experience and what may be expected of these regimes, and the practical problems of administration and implementation. Those charged with making wise and informed decisions, especially where natural resources bulk large, will profit greatly from the contributions assembled here.” Joseph C. Bell, Chair, Advisory Board, Revenue Watch Institute

“This book is an essential tool for government and company officials, practitioners, advisers, and civil society advocates in working to promote efficient and equitable petroleum and minerals tax systems. Norway’s Oil for Development Programme works to further beneficial management of petroleum resources in a wide range of developing countries. The contributors to this book take stock of current knowledge about how to do this in the area of fiscal regime design—and extend it. There are no unique solutions, but this book offers insights and analytical techniques that can greatly enhance the capacity of decision-makers to design the right solutions for their own environments.” Petter Nore, Director, Oil for Development Programme, Norwegian Agency for International Development

“Taxes on non-renewable natural resources provide more than 50% of fiscal revenues in some 20 countries. How do you design an effective system for raising this tax? There are trade-offs between rent capture, development incentives and risk sharing, all in an environment of long-run investments, asymmetric information, and price, geological, and political risk. In response, fiscal systems employ a bewildering combination of profits taxes, royalties, production sharing and revenues from sale of production rights. This volume brings together a fine combination of economists and practitioners who make sense of these challenging issues and provide essential reading for policy makers faced with these choices.” Tony Venables, Director, Oxford Centre for the Analysis of Resource Rich Economies