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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.

     

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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, SAE Media 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@saemediagroup.com

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