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A resource rent tax is a tax on the rents gained on the exploitation of a resource. [1] [2] [3] It can cover both renewable and non-renewable resources. It is classically understood to be a tax on the surplus value generated by resource exploitation beyond the necessary costs of production (which includes rewards to capital). [1] An investor enjoys relief from taxation until a certain rate of return has been achieved, at which point profits are shared with the host government. [1]
Resource rent taxes are particularly prevalent in mining and petroleum industries. [1] Australia's Minerals Resource Rent Tax covers rents in the mining industry. [4] Norway introduced a resource rent tax on aquaculture (i.e., salmon and trout farming) in 2023, [5] and resource rent tax on onshore wind energy effective January 1, 2024. [6] [7] [8] In Iceland, a resource rent tax has been placed on fishing industry profits. [9] In Switzerland, there is a resource rent tax on hydropower. [10]
Some other countries that apply resource rent tax can be listed as follows: [11]
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