Extractive Resources And Taxation Proceedings

Better designed and implemented fiscal regimes for oil, gas, and mining can make a substantial contribution to the revenue needs of many developing countries while ensuring an attractive return for investors, according to a new policy paper from the International Monetary Fund. Revenues from extractive industries (EIs) have major macroeconomic implications. The EIs account for over half of government revenues in many petroleum-rich countries, and for over 20 percent in mining countries. About one-third of IMF member countries find (or could find) resource revenues “macro-critical” – especially with large numbers of recent new discoveries and planned oil, gas, and mining developments. IMF policy advice and technical assistance in the field has massively expanded in recent years – driven by demand from member countries and supported by increased donor finance. The paper sets out the analytical framework underpinning, and key elements of, the country-specific advice given. Also available in Arabic: ????? ??????? ?????? ???????? ???????????: ??????? ???????? Also available in French: Régimes fiscaux des industries extractives: conception et application Also available in Spanish: Regímenes fiscales de las industrias extractivas: Diseño y aplicación

Mexico has large extractive industries and it traditionally has raised sizable fiscal revenues from the oil and gas sector. A confluence of factors—elevated commodity prices, financial challenges of the state-owned oil company Pemex, and revenue needs for financing social and public investment spending over the medium term—suggest that a review of Mexico’s taxation regimes for natural resources would be opportune, against the backdrop of a comprehensive approach to tackling Mexico’s challenges. This paper identifies opportunities for redesigning mining taxation to increase somewhat the revenue intake while maintaining the favorable investment profile of the sector. It also discusses recent reforms to the oil and gas fiscal regime and future reform considerations, with attention to the attractiveness of investment on commercial terms—an issue that should be placed in the context of an overall reform of Pemex’s business strategy and possibly of the energy sector more generally.

Long viewed as a problem in other countries, the ownership of land and resources is becoming an issue of mounting concern in the United States. Nowhere has it surfaced more dramatically than in the southern Appalachians where the exploitation of timber and mineral resources has been recently aggravated by the ravages of strip-mining and flash floods. This landmark study of the mountain region documents for the first time the full scale and extent of the ownership and control of the region's land and resources and shows in a compelling, yet non-polemical fashion the relationship between this control and conditions affecting the lives of the region's people. Begun in 1978 and extending through 1980, this survey of land ownership is notable for the magnitude of its coverage. It embraces six states of the southern Appalachian region—Virginia, West Virginia, Kentucky, Tennessee, North Carolina, and Alabama. From these states the research team selected 80 counties, and within those counties field workers documented the ownership of over 55,000 parcels of property, totaling over 20 million acres of land and mineral rights. The survey is equally significant for its systematic investigation of the relations between ownership and conditions within Appalachian communities. Researchers compiled data on 100 socioeconomic indicators and correlated these with the ownership of land and mineral rights. The findings of the survey form a generally dark picture of the region—local governments struggling to provide needed services on tax revenues that are at once inadequate and inequitable; economic development and diversification stifled; increasing loss of farmland, a traditional source of subsistence in the region. Most evident perhaps is the adverse effect upon housing resulting from corporate ownership and land speculation. Nor is the trend toward greater conglomerate ownership of energy resources, the expansion of absentee ownership into new areas, and the search for new mineral and energy sources encouraging. Who Owns Appalachia? will be an enduring resource for all those interested in this region and its problems. It is, moreover, both a model and a document for social and economic concerns likely to be of critical importance for the entire nation.