EXTRACTIVE INDUSTRIES TAXATION

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Presentation transcript:

EXTRACTIVE INDUSTRIES TAXATION MASTER CLASS WORKSHOP NAIROBI, 1 DECEMBER 2017

Context Falling Prices More supplies/less demand More alternative energy sources Reduced fiscal revenues Uncertainty Lower appetite by investor for risk due to capital constraints and market uncertainties. Changing wider fiscal climate: BEPS and Transfer pricing

TAXATION OF EXTRACTIVE INDUSTRIES TODAY: - OVERVIEW OF fiscal TRENDS Fiscal Policy Balance: Maximise revenue collection versus Grow the Industry by encouraging risk. Competitive fiscal regimes (competing against other fiscal regimes – more oil producers, more alternative sources, energy efficiency). Transparency and anti-avoidance Taxpayer (records, transfer pricing, BEPS) Tax authority (audits, disputes resolution) Stability Fiscal regime Contracts and concession Administration: Expertise and Efficiency

CHALLENGES Ensuring governments get their fair share Multiplicity of taxes Simplicity Transfer Pricing Good working relationships between taxpayer and tax authority Expertise/capacity building