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Taxing Resource Rent
concepts, misconceptions and practical design
Wayne Mayo (Author) RRP A$34.95 P/B
Publisher: Kyscope Publishing
(Click to see all books by this publisher)
Pub Date: 20130801
BIC: KC ISBN: 9780646596297
Category: Economics Availability: 100+
Taxing Resource Rent explains in simple terms how taxation can be imposed on high profits of mineral resource operations without affecting investment decisions.
Much confusion and misinformation surrounded the Australian government's announcement in 2010 that it intended to impose a Resource Super Profits Tax (RSPT) on all mineral resource operations in Australia. It was to replace Australia's pre-existing traditional resource rent tax (RRT) on offshore petroleum projects but, in the event, a new RRT-style tax was applied to coal and iron ore projects.
Misunderstanding and misconception are stripped away chapter by chapter in Taxing Resource Rent as Claude, minister responsible for taxation, is given a series of briefings by Hector, Claude's trusted tax policy advisor. Hector's briefings, which culminate in three practical design options for possible public consultation, show for example:
* how investment decisions are not affected if high profits are taxed via government's sharing equally and immediately in negative and positive cash flow (cash flow taxation);
* how advantages and disadvantages change as design changes from cash flow taxation to RSPT-style design to RRT-style design;
* what the advantages and disadvantages are of alternative ways of treating under resource rent taxation regional government royalties based on value or volume of production;
* the conceptual framework (and associated practical design) that allows both income taxation and resource rent taxation to be applied to mineral resource operations while leaving investment decision-making unaffected.
Hector's briefings and analysis reflect Wayne Mayo's prior related publications and his hands-on experience (particularly at the Australian Treasury) in relevant policy-advising roles backed up by his own cash flow modelling.
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