A critical evaluation of the upstream petroleum taxation laws and fiscal regimes in Uganda
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Date
2018-05
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Kampala International University,School of Law
Abstract
Petroleum extraction is a lucrative source of tax revenue for many governments endowed with the oil resource. However, the design, development and implementation of legal and Fiscal regimes will determine whether a government maximizes revenue from the oil resource and yet at the same time remain attractive to private investment This thesis has reviewed the laws and fiscal regime governing the upstream oil sector in Uganda with specific emphasis on taxation and revenue sharing. Following a comparative analysis of the said legal regime with those of Ghana, Indonesia and Norway the thesis recommends that in order for Uganda to achieve the economic objective of revenue maximization as set out in the National Oil and Gas Policy, the law and fiscal terms as applied to the county's upstream oil sector should be amended to reflect a comprehensive bonus structure, advalorem royalties to generate revenue as a percentage of the value of the oil produced, windfall taxes which are necessary to capture the larger economic rents generated by the oil production, and cost oil limits that vary with price in order to ensure that under higher prices, cost oil limits are lower and government is better protected in case of poor administration and corruption .
Description
A thesis submitted to the Directorate of Higher Degrees and Research in partial fulfillment of the requirement for the award of the Degree' of Master of Laws of Kampala International University
Keywords
upstream petroleum, taxation laws, fiscal regimes, Uganda