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International Petroleum Taxation in the 1990s

Since the major oil price explosion and collapse over the last 20 years, host governments in producing countries have made substantial changes to their petroleum tax systems. In many cases, these changes have resulted in more profit related systems being established. These have an inherent flexibility which is more appropriate for an environment of fluctuating prices. They are generally not accurately targeted on economic rents, however, and if oil prices remain low further discretionary changes may be required. In some important countries reliance on old-style systems targeted on gross revenues still remains. These are not well adapted to an era of low oil prices, and investment disincentives are present.

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Energy Specializations: Petroleum – Exploration and Production; Petroleum – Policy and Regulation

JEL Codes: Q31: Nonrenewable Resources and Conservation: Demand and Supply; Prices, Q35: Hydrocarbon Resources, Q41: Energy: Demand and Supply; Prices, D24: Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity, Q42: Alternative Energy Sources, G32: Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

Keywords: Oil prices, tax policy, economic rents, Fiscal systems, Oil investment

DOI: 10.5547/ISSN0195-6574-EJ-Vol15-NoSI-16

Published in Volume 15, Special Issue of the bi-monthly journal of the IAEE's Energy Economics Education Foundation.


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