Social:Resource rent tax
| Taxation |
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| An aspect of fiscal policy |
A resource rent tax is a tax on the rents gained on the exploitation of a resource.[1][2][3] It can cover both renewable and non-renewable resources. It is classically understood to be a tax on the surplus value generated by resource exploitation beyond the necessary costs of production (which includes rewards to capital).[1] An investor enjoys relief from taxation until a certain rate of return has been achieved, at which point profits are shared with the host government.[1]
Resource rent taxes are particularly prevalent in mining and petroleum industries.[1] Australia's Minerals Resource Rent Tax covers rents in the mining industry.[4] Norway introduced a resource rent tax on aquaculture (i.e., salmon and trout farming) in 2023,[5] and resource rent tax on onshore wind energy effective January 1, 2024.[6][7][8] In Iceland, a resource rent tax has been placed on fishing industry profits.[9] In Switzerland, there is a resource rent tax on hydropower.[10]
Some other countries that apply resource rent tax can be listed as follows:[11]
- Australia
- United Kingdom[12]
- Canada and British Columbia
- Russia
- Azerbaijan
- Madagascar
- Ghana etc...
See also
References
- ↑ 1.0 1.1 1.2 1.3 "Resource rent taxes" (in en), The Taxation of Petroleum and Minerals (International Monetary Fund), 2010, ISBN 978-0-415-78138-1, https://www.elibrary.imf.org/display/book/9780415781381/ch008.xml
- ↑ Lund, Diderik (2009). "Rent Taxation for Nonrenewable Resources" (in en). Annual Review of Resource Economics 1 (1): 287–308. doi:10.1146/annurev.resource.050708.144216. ISSN 1941-1340. https://www.annualreviews.org/doi/10.1146/annurev.resource.050708.144216.
- ↑ Boadway, Robin; Keen, Michael (2015), "Rent taxes and royalties in designing fiscal regimes for nonrenewable resources" (in en-US), Handbook on the Economics of Natural Resources (Edward Elgar Publishing): pp. 97–139, doi:10.4337/9780857937568.00011, ISBN 978-0-85793-756-8, https://china.elgaronline.com/edcollchap/edcoll/9780857937551/9780857937551.00011.xml
- ↑ Garnaut, Ross (2010). "Principles and Practice of Resource Rent Taxation" (in en). Australian Economic Review 43 (4): 347–356. doi:10.1111/j.1467-8462.2010.00616.x. ISSN 0004-9018. https://onlinelibrary.wiley.com/doi/10.1111/j.1467-8462.2010.00616.x.
- ↑ "Norway government lowers fish farm resource tax proposal to 35%". Reuters. March 28, 2023. https://www.reuters.com/world/europe/norway-government-lowers-fish-farm-tax-proposal-35-2023-03-28/.
- ↑ "How Wind Power and Indigenous Rights Clashed in Norway" (in en). Bloomberg News. 2024-03-07. https://www.bloomberg.com/news/articles/2024-03-07/norway-s-efforts-to-address-climate-change-clash-with-indigenous-rights.
- ↑ "Norway Delays Plan for Onshore Wind Tax After Industry Outcry" (in en). Bloomberg News. 2023-05-11. https://www.bloomberg.com/news/articles/2023-05-11/norway-delays-plan-for-onshore-wind-tax-after-industry-outcry.
- ↑ Helge Neraal, Fredrik Verling, Ingrid Elise Ruud, Johan Eikrem (April 2024). "New wind in the sails for onshore wind power in Norway?". Insights (DLA Piper). https://www.dlapiper.com/en-ar/insights/publications/2024/04/new-wind-in-the-sails-for-onshore-wind-power-in-norway.
- ↑ Gunnlaugsson, Stefan B.; Kristofersson, Dadi; Agnarsson, Sveinn (2018). "Fishing for a fee: Resource rent taxation in Iceland's fisheries". Ocean & Coastal Management 163: 141–150. doi:10.1016/j.ocecoaman.2018.06.001. ISSN 0964-5691. http://dx.doi.org/10.1016/j.ocecoaman.2018.06.001.
- ↑ Banfi, Silvia; Filippini, Massimo (2010). "Resource rent taxation and benchmarking—A new perspective for the Swiss hydropower sector". Energy Policy 38 (5): 2302–2308. doi:10.1016/j.enpol.2009.12.017. ISSN 0301-4215. http://dx.doi.org/10.1016/j.enpol.2009.12.017.
- ↑ Fund, International Monetary, "8 Resource rent taxes" (in en), The Taxation of Petroleum and Minerals (Routledge), ISBN 978-0-415-78138-1, https://www.elibrary.imf.org/display/book/9780415781381/ch008.xml, retrieved 2024-12-30
- ↑ "Government revenues from oil and gas production September 2024" (in en). https://www.gov.uk/government/statistics/government-revenues-from-uk-oil-and-gas-production--2/government-revenues-from-oil-and-gas-production-september-2024#:~:text=This%20is%20a%20field-based,were%20given%20development%20consent%20before.
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