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Timor-Leste Fiscal Framework



       Angelo de Almeida
          Revenue Commissioner
      Ministry of Planning and Finance
Petroleum Taxation Act

• Introduction
• Framework
• Tax details
• Administration
Framework


• Overall administration framework
  provided by UNTAET 2000/18
• The Petroleum Taxation Act (PTA)
  supplements UNTAET 2000/18
• Scope – applies to Timor-Leste and
  JPDA
Petroleum Tax Act Jurisdiction

              Timor Location Map
                     DILI




     KUPANG       Joint Petroleum
                 Development Area



                                     DARWIN
                                     DARWIN


          0    100          200 KM
Petroleum Taxation Act

• If Timor-Leste elects to take share of
  project, then the PTA states no
  capital gain, assessable income or
  loss arises
• Petroleum related expenditure is
  only deductible against petroleum
  related income
• Taxable income and expenditure is
  ring fenced by contract area
Tax Ring Fencing

                        Timor-Leste
                          or JPDA

      Contract Area A                 Contract Area B

    Field A     Field B          Field C         Field D




PTA Treatment
Petroleum Taxation Act (cont)

• Rate is 30% of taxable income
  – No branch profits tax

• Petroleum valuation principles
  same as PSC
• Final withholding tax of 6% applies
  to petroleum related services
Petroleum Taxation Act (cont)

• Income – revenue from PSC
• Deductible Costs:
  – Exploration cost depreciation 5 year
    straight-line
  – Development costs 10 year straight-line
  – Units of production depreciation for short-
    life fields where >80% reserves produced
    in first 5 years’ production
  – Annual contributions to the
    decommissioning cost reserve under PSC
Life of Project Fiscal Regime
                                                                      Once exploration
                                          While contractor is         and development      SPT paid only If
                                           recovering costs               costs are       contractor return
                                              and uplift              recovered, profit    exceeds 16.5%
Timor-Leste Share %




                                                                      petroleum starts



                                                                                           Supplemental
                                                                                           Petroleum Tax
                                                                                               (PTA)




                                                 Uplift defers when     40% of revenue remaining
                                                 profit oil starts      after cost recovery (PSC)


                                          Income tax (PTA)
                                                                             Income tax (PTA)
                      Note: Withholding
                      tax not shown

                                                           5% Royalty (PSC)

                                                     Time
Petroleum Taxation Act (cont)

• Supplemental Petroleum Tax
  – Supplemental Petroleum Tax of 22.5%
    post realization of 16.5% IRR
  – Subsequent incremental investment may
    reduce the IRR below 16.5% in which case
    SPT is not paid again until the project
    achieves a 16.5% IRR
Petroleum Tax Administration

• Timor-Leste is fully committed to the
  principles of the Extractive Industries
  Transparency Initiative (EITI)
  • Timor-Leste Petroleum Tax Division (PTD)
    has been providing professional services
    to the Petroleum Tax Payers since year
    2000
  • Self assessment system will continue with
    review and audit by PTD
Petroleum Tax Administration (cont)

• International tax professionals will be
  retained to assist PTD
• PTD will continue to develop
  computerized systems for tax
  administration and communication
  – Canadian SIGTAS (Standard Integrated
    Government Tax Administration System) - fully
    computerized tax administration software

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GEOLOGIA DO TIMOR 6

  • 1. Timor-Leste Fiscal Framework Angelo de Almeida Revenue Commissioner Ministry of Planning and Finance
  • 2. Petroleum Taxation Act • Introduction • Framework • Tax details • Administration
  • 3. Framework • Overall administration framework provided by UNTAET 2000/18 • The Petroleum Taxation Act (PTA) supplements UNTAET 2000/18 • Scope – applies to Timor-Leste and JPDA
  • 4. Petroleum Tax Act Jurisdiction Timor Location Map DILI KUPANG Joint Petroleum Development Area DARWIN DARWIN 0 100 200 KM
  • 5. Petroleum Taxation Act • If Timor-Leste elects to take share of project, then the PTA states no capital gain, assessable income or loss arises • Petroleum related expenditure is only deductible against petroleum related income • Taxable income and expenditure is ring fenced by contract area
  • 6. Tax Ring Fencing Timor-Leste or JPDA Contract Area A Contract Area B Field A Field B Field C Field D PTA Treatment
  • 7. Petroleum Taxation Act (cont) • Rate is 30% of taxable income – No branch profits tax • Petroleum valuation principles same as PSC • Final withholding tax of 6% applies to petroleum related services
  • 8. Petroleum Taxation Act (cont) • Income – revenue from PSC • Deductible Costs: – Exploration cost depreciation 5 year straight-line – Development costs 10 year straight-line – Units of production depreciation for short- life fields where >80% reserves produced in first 5 years’ production – Annual contributions to the decommissioning cost reserve under PSC
  • 9. Life of Project Fiscal Regime Once exploration While contractor is and development SPT paid only If recovering costs costs are contractor return and uplift recovered, profit exceeds 16.5% Timor-Leste Share % petroleum starts Supplemental Petroleum Tax (PTA) Uplift defers when 40% of revenue remaining profit oil starts after cost recovery (PSC) Income tax (PTA) Income tax (PTA) Note: Withholding tax not shown 5% Royalty (PSC) Time
  • 10. Petroleum Taxation Act (cont) • Supplemental Petroleum Tax – Supplemental Petroleum Tax of 22.5% post realization of 16.5% IRR – Subsequent incremental investment may reduce the IRR below 16.5% in which case SPT is not paid again until the project achieves a 16.5% IRR
  • 11. Petroleum Tax Administration • Timor-Leste is fully committed to the principles of the Extractive Industries Transparency Initiative (EITI) • Timor-Leste Petroleum Tax Division (PTD) has been providing professional services to the Petroleum Tax Payers since year 2000 • Self assessment system will continue with review and audit by PTD
  • 12. Petroleum Tax Administration (cont) • International tax professionals will be retained to assist PTD • PTD will continue to develop computerized systems for tax administration and communication – Canadian SIGTAS (Standard Integrated Government Tax Administration System) - fully computerized tax administration software