. @ali_readhead on risks to revenue in extractive industry taxation - from tax breaks, treaty shopping, under reported revenues, over reported costs #ICTD19pic.twitter.com/yPa8cNAdO6
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Ali: we need a include vulnerability to tax abuse as a standalone principle for thinking about fiscal design.
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Factors to consider: Production sharing agreements are less liable to tax avoidance? Or is it the fact of Joint ventures (an internal policing mechanism) ? Carried equity raises the risk
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When modelling fiscal regime should take into account behavioural responses to incentives. E.g. its not just the direct WHT but profit shifting via increased interest payments. Take account of other country's experience -- projected vs actual revenues. Avoid optimism bias
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If you consider tax avoidance risk the trade off between production efficiency and revenue collection changes. Consider alternative measures such as the sixth method (norm pricing), windfall taxes.
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Discussion of the scale of the tax avoidance tax gap and perceptions...... here are a couple of things to read from me! https://hiyamaya.files.wordpress.com/2019/02/tj_2017_issue1374_forstater.pdf …https://www.cgdev.org/publication/ft/international-tax-transparency-and-finance-development-short-guide-perplexed …
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My point.... if the public and political perception of tax avoidance is greater than it really is this this pushes fiscal design further away from the optimum balance between efficiency, administration, stability ....https://hiyamaya.wordpress.com/2015/10/28/zambia-copper-again/ …
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End of conversation
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Observed this to be true in Namibia,
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