THE TREATMENT OF PERMITS IN THE SNA 2008

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Presentation transcript:

THE TREATMENT OF PERMITS IN THE SNA 2008 John Verrinder Eurostat

Background to the development of the rules Task Force on Harmonisation of Public Sector Accounts Advisory Expert Group General agreement on way forward Discussion on emission permits… SNA 2008 – Chapter 17 part Q: Licences and permits to use a natural resource part S: Permits to undertake a specific activity

“Natural Resource” Defined in SNA 208 Chapter 10 D Economic assets – “only those naturally occurring resources over which ownership rights have been established and are effectively enforced can therefore qualify as economic assets” “Certain naturally occurring assets, however, may be such that it is not feasible to establish ownership over them: for example, air, or the oceans.” (para 10.167) “natural assets must not only be owned but must also be capable of bringing economic benefits to their owners” (para 10.168)

Permits issued by government Permits are “not dependent on a qualifying criteria, but are designed to limit the number of individual units entitled to engage in the activity.” Fees to be recorded as taxes (examples of taxi or casino licences -> other taxes on production) Spread over time if government recognises a liability to repay in case of cancellation Government permits as assets when all of … Activity does not utilise a government asset Permit issue not subject to qualifying criteria Limited number of permits (“monopoly profits”) Permit holder can legally and practically sell the permit bto a third party

Permits to use natural resources as sinks Note definition of natural resources Discharge of water – if water is an economic asset … treatment as for radio spectrum licences SNA para 17.36: “Governments are increasingly turning to the issuing of emission permits as a means of controlling total emissions. These permits do not involve the use of a natural asset (there is no value placed on the atmosphere so it cannot be considered to be an economic asset) and are therefore classified as taxes even though the permitted “activity” is one of creating an externality.