 Improve Development Outcomes from payments made to Governments by the Extractive Industries  Reduce Potential for Corruption and large scale Embezzlement.

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Presentation transcript:

 Improve Development Outcomes from payments made to Governments by the Extractive Industries  Reduce Potential for Corruption and large scale Embezzlement of these payments.

 Through Enhanced Transparency of these funds in Relation to ;  Payments  Receipts  Disbursements and  Utilization

 Collect, Analyze and Aggregate payments made by Extractive Industry companies to Government of Ghana.  Reconcile EI companies’ submissions of these payments to those received by Government.  Utilize Lessons Learnt from the Reconciliation/Aggregation to enhance Transparency in Payments, Receipts, Disbursements and Utilization of these benefits.

 Surface Rental of US$30 per sq.km –Initial exploration -At first extension US$50 -2 nd Extension –US$75 -Development/Production:US$100.  Royalties on oil/gas: Jubilee field; 5% royalty on the gross oil revenue, and a 3% of gross gas revenue).  State Participation Interest -Carried interest (Initial Interest) of 10% on the oil revenue net of royalty and production costs. -Additional (Paid) Interest after Production/Development cost.

 Corporate Income Tax.(at 35%) :Capital Allowance of 20% straight line.  Profit Sharing-Additional Oil entitlement: share of oil revenue net of royalty and initial interest linked to the project rate of return. -Tax on returns in excess of “normal” returns.

 Petroleum Holding Fund: Payments into this fund include: -Royalties from oil/gas -Additional Oil entitlement -Surface rentals - Any receipts from direct or indirect participation of the government in petroleum operations.

- Corporate income tax in cash from upstream and midstream petroleum companies. -any amount payable by the national oil company as corporate income tax, royalty, dividends, or any other amount due in accordance with the laws of Ghana. - capital gains -( Carried/ Additional interest less Equity financing cost) and cash or equivalent barrels of oil ceded to GNPC.

 It has been assumed that Materiality thresholds would be determined by the MSG(Steering Committee).  Template may require some changes to accommodate revenue streams/ interpretation of the legal regime.