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 Major Directions in Oil & Gas Taxation with Particular Attention to Eurasia and Middle East North

Africa Regions

 OVERVIEW

 

Hydrocarbons taxation is a key contributor to Government budgets and a critical parameter for investment decision-making. Current domestic and international developments, both in the nature of the petroleum industry and in respect of the overall fiscal environment, particularly in countries of these Regions, provide a timely opportunity to examine the impact of the hydrocarbons taxation regime in contributing to public financing while creating an environment conducive to investment and growth. Thus Governments desperately searching for new sources of revenues see the resources sector as an obvious target.  As a practical matter, more rent can however be obtained only if the revenue can be extracted without damaging investment and confidence.  Higher taxes do not necessarily mean higher revenues, particularly if they lead to a loss in investment, revenues and profits.

 

Many Governments are attracted to copying other countries’ measures, not fully appreciating that what might work in one jurisdiction does not necessarily translate well into another. Fiscal regimes should be, in principle, tailored to the relevant oil and gas province realities and well-crafted tax regimes can benefit both tax collector and taxpayer. Against this principled background, the workshop will examine key elements of the current debate over tax regimes including the outlook for fiscal stability, for PSAs versus tax-and-royalty regimes and for profits-based versus production-based systems.

 

 

♦      WHAT IS ITIC

The International Tax and Investment Center (ITIC) is an independent, non-profit research and education foundation headquartered in Washington D.C. and with offices in Azerbaijan, Jordan, Kazakhstan, the Philippines, Russia, Ukraine and UK.

      ORIGIN

ITIC was established in 1993, upon the initiative of the fiscal authorities of Russia and Kazakhstan and of MNEs then seeking to operate in those jurisdictions post-Independence, for the purpose of helping to develop modern tax systems there.

      MISSION

ITIC serves as a neutral forum for discussion and resolution of fiscal problems in transition and developing countries and acts as a clearinghouse for information and as a training center for transferring ‘best practice’ taxation and investment ‘know-how’ to those countries, in order to improve their investment climate.

      STRATEGY

ITIC seeks to establish long-term relationships with officials and legislators in host countries; to maintain a regular schedule of customer-driven, expert-led ‘know-how’ programs for host country decision-makers; to provide those decision-makers with independent professional studies on their priority concerns; and to send a consistent, principled message in favour of fiscal reform as the spur for the formation and development of business and economic prosperity

      STRUCTURE

ITIC is supervised by two Co-Chairmen (currently one UK and one USA), supported by a substantial Board of Directors whose Members are drawn from sponsoring companies and serve on the Board Executive, Audit and Compensation Committees.                     

      INTERNATIONAL COOPERATION

ITIC has formal relations with its host countries and associates closely with their major trading partners, engages continuously with the IFIs and fiscal IGOs and partners with other international fiscal experts, institutions and consultancies.

      SPONSORSHIP

ITIC is supported principally by some 80 MNEs and domestic corporations and business groups operating in transition countries primarily in financial services, minerals resources, consumer products and professional services. Other ad hoc support comes from select OECD countries.

      ACTIVITIES

ITIC concentrates both on intellectual production-such as independent research studies on specific areas of tax and investment prepared jointly by experts from government, academia and industry-and on Know-How transfer-such as education and outreach programs, conferences, workshops, seminars and roundtables again involving government, academia and industry experts in a face-to-face setting. These ‘triangulated’ activities are conducted in and with individual host countries as well as with other interested countries in regions of operations.

      CONTACTS

Daniel A. Witt, President, ITIC

1800 K Street, NW

Suite 718

Washington, DC 20006, USA

Tel: +1-202-530-9799; Fax: +1-202-530 -7987

www.washington@iticnet.org

Crowne Plaza - The City

19 New Bridge Road
London EC4V 6DB
United Kingdom

Crowne Plaza - The City

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WHAT IS CPD?

CPD stands for Continuing Professional Development’. It is essentially a philosophy, which maintains that in order to be effective, learning should be organised and structured. The most common definition is:

‘A commitment to structured skills and knowledge enhancement for Personal or Professional competence’

CPD is a common requirement of individual membership with professional bodies and Institutes. Increasingly, employers also expect their staff to undertake regular CPD activities.

Undertaken over a period of time, CPD ensures that educational qualifications do not become obsolete, and allows for best practice and professional standards to be upheld.

CPD can be undertaken through a variety of learning activities including instructor led training courses, seminars and conferences, e:learning modules or structured reading.

CPD AND PROFESSIONAL INSTITUTES

There are approximately 470 institutes in the UK across all industry sectors, with a collective membership of circa 4 million professionals, and they all expect their members to undertake CPD.

For some institutes undertaking CPD is mandatory e.g. accountancy and law, and linked to a licence to practice, for others it’s obligatory. By ensuring that their members undertake CPD, the professional bodies seek to ensure that professional standards, legislative awareness and ethical practices are maintained.

CPD Schemes often run over the period of a year and the institutes generally provide online tools for their members to record and reflect on their CPD activities.

TYPICAL CPD SCHEMES AND RECORDING OF CPD (CPD points and hours)

Professional bodies and Institutes CPD schemes are either structured as ‘Input’ or ‘Output’ based.

‘Input’ based schemes list a precise number of CPD hours that individuals must achieve within a given time period. These schemes can also use different ‘currencies’ such as points, merits, units or credits, where an individual must accumulate the number required. These currencies are usually based on time i.e. 1 CPD point = 1 hour of learning.

‘Output’ based schemes are learner centred. They require individuals to set learning goals that align to professional competencies, or personal development objectives. These schemes also list different ways to achieve the learning goals e.g. training courses, seminars or e:learning, which enables an individual to complete their CPD through their preferred mode of learning.

The majority of Input and Output based schemes actively encourage individuals to seek appropriate CPD activities independently.

As a formal provider of CPD certified activities, SMI Group can provide an indication of the learning benefit gained and the typical completion. However, it is ultimately the responsibility of the delegate to evaluate their learning, and record it correctly in line with their professional body’s or employers requirements.

GLOBAL CPD

Increasingly, international and emerging markets are ‘professionalising’ their workforces and looking to the UK to benchmark educational standards. The undertaking of CPD is now increasingly expected of any individual employed within today’s global marketplace.

CPD Certificates

We can provide a certificate for all our accredited events. To request a CPD certificate for a conference , workshop, master classes you have attended please email events@smi-online.co.uk

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