Redesigning petroleum taxation : aligning government and investors in the UK / Emre Üsenmez.
2019
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Details
Author
Title
Redesigning petroleum taxation : aligning government and investors in the UK / Emre Üsenmez.
Imprint
Abingdon, Oxon ; New York, NY : Routledge, 2019.
Copyright
©2019
Description
1 online resource (xviii, 178 pages).
Series
Routledge explorations in environmental economics ; 52.
Formatted Contents Note
Introduction
Government's rationale for fiscal reform
The UKCS fiscal regime prior to the fiscal review and the case for its reform
The post-fiscal review reforms
The new UKCS fiscal regime : a proposal for reform
Conclusion
Appendix I: Historical brent spot fob prices
Bibliography
Index.
Government's rationale for fiscal reform
The UKCS fiscal regime prior to the fiscal review and the case for its reform
The post-fiscal review reforms
The new UKCS fiscal regime : a proposal for reform
Conclusion
Appendix I: Historical brent spot fob prices
Bibliography
Index.
Summary
Since its inception some 40 years ago, petroleum-specific taxation in the UK has been subject to numerous modifications. Often these modifications were brought into place not only to sufficiently incentivise the investors but also to capture a fair share for the government. However, it is evident from the frequency of changes that finding the right balance between these two aims is no easy matter. Such a balance, and the consequent fiscal stability, is necessary for the long-term relationship between the parties to endure to their mutual benefit. Still, it does not take much for one or other party to feel that they are out of balance. As a consequence, one party feels that the other party is taking an undue proportion of the value generated and that they are losing out. Yet achieving that balance and fiscal stability is possible. To understand this possibility, this book first clarifies what is meant by sufficient incentivisation and fair share before developing a new fiscal system that manages this balance and stability. Such clarification yields objective criteria against which to assess not only the existing regime, but also the newly proposed regime. This approach is further complemented by the critical analysis of the fiscal legislative framework and the evaluation of the legal positions of specific contractual elements and mechanisms found within that framework. This latter analysis is important in order to reduce the legal uncertainty such elements may create, which can otherwise lead to further reactive amendments and revisions to the fiscal regime in the future.
Source of Description
OCLC-licensed vendor bibliographic record.
Location
www
Linked Resources
Alternate Title
Taylor & Francis Online
Language
English
ISBN
9781315414072 (electronic book)
1315414074 (electronic book)
9781315414096 (electronic book)
1315414090 (electronic book)
9781315414065 (electronic book : Mobipocket)
1315414066 (electronic book : Mobipocket)
9781315414089 (electronic book : PDF)
1315414082 (electronic book : PDF)
9781138219960
1138219967
1315414074 (electronic book)
9781315414096 (electronic book)
1315414090 (electronic book)
9781315414065 (electronic book : Mobipocket)
1315414066 (electronic book : Mobipocket)
9781315414089 (electronic book : PDF)
1315414082 (electronic book : PDF)
9781138219960
1138219967
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