By James Otto, Craig B. Andrews, Fred Cawood, Michael Doggett, Pietro Guj, Frank Stermole, John Stermole, John Tilton
This booklet incorporates a wealth of knowledge and research with regards to mineral royalties. basic details contains royalty laws from over 40 international locations. research is finished and addresses problems with significance to different stakeholders together with govt policymakers, tax directors, society, neighborhood groups and mining businesses. wide footnotes and citations supply a worthy source for researchers.
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Extra resources for Mining Royalties: A Global Study of Their Impact on Investors, Government, And Civil Society (Directions in Development)
The amount of capital required during the development and construction phase is relatively greater than in most other businesses. • Once the mine is built, the capital is captive and not transportable. • Equipment tends to be specialized and is available only from a few manufacturers worldwide, so it must be imported. • Mines can have long lives and will be subject to regime changes and policy instability. • Revenues are cyclical because commodity prices move up and down more so than is experienced by most other businesses.
As a result, taxation designed to capture economic rent cannot logically be applied solely to mining. Economic rents are found throughout the economy, and the equity argument for taxing economic rents may be strongest where public policy creates the rents. 2. A reasonable case can be made that economic rents in the mining sector, though substantial in the short run, actually do not exist in the very long run. To see why, one has to appreciate how the magnitude of economic rent varies with time.
For tax purposes, many countries consider the mining and the mineral sector special. This is in part because, for some countries, this sector plays a dominant role in the economy, accounting for a large share of all government revenues and foreign exchange earnings. In such instances, it is not unusual for the government to negotiate specific agreements covering a variety of issues, including taxation for individual largescale, or “mega,” projects. In addition, there is the widespread perception that the mineral sector is different, and so should be taxed differently, because it exploits a nonrenewable resource.