This course is aimed at students interested in the regulation of fiscal aspects of the natural resources sector, with a particular focus on minerals and petroleum resources taxation. The course includes a discussion of the theoretical and practical considerations that inform the structure of the regulatory framework in this sector. The obligations placed on right holders in respect of mineral and petroleum resources are set out. Management of the risks inherent to the sector in the context of taxation is also canvassed, including international tax law considerations and obligations. Domestic considerations will also be dealt with, which include key revenue and expenditure side aspects of fiscal frameworks. In addition, the relevant aspects of State contract negotiation will be discussed, setting out the relevant considerations pertaining to, for example, fiscal stability clauses, concessions and fiscal clauses in bilateral investment treaties. Other areas of taxation that are covered with a particular focus on industry features will include the distinction between source and residence taxation, the taxation of offshore exploration activities, and issues concerning transfer pricing in the sector.
Following completion of the course, students should have an understanding of the regulatory framework governing taxation of minerals and petroleum. Students should be able to formulate informed legal opinions on the general aspects of fiscal law, including the policy considerations that inform the types of models employed.