摘要
在国际油气勘探开发合同中,一个国家内各独立项目的财税条款通过税收篱笆圈(Ring Fence)在某一层次上相互影响。在进行海外油气项目投资组合评价时,应根据合同中规定的财税条款所确定的篱笆圈层次关系,确定应税收入的计算层次和顺序,确保项目税后净现金流和净现值数据真实反映合同财税条款。忽略合同中规定的财税条款对篱笆圈的规定,有时会导致评价结果失真,很可能导致投资决策失误。因此,在进行海外油气项目投资组合经济评价时,应严格按照合同中规定的计算层次和步骤建立评价模型,提高经济评价的准确性,更好地为投资决策服务。
According to international oil & gas E&P contracts,the fiscal terms of independent projects in a country may be affected by each other at certain level through tax ring fence.When evaluating investment portfolio for an overseas oil & gas project,the calculating hierarchy and sequence shall be defined in accordance with the ring fence hierarchy depends on fiscal terms set out in the contract so as to ensure that the net cash flow after tax and net present value data of the project truly reflects the fiscal terms of the contract.The ignoring of ring fence provisions set out in the contract may lead to distortion in evaluating and mistake in investment decision.Therefore,an evaluation model shall be made in strict accordance with the calculating hierarchy and steps in order to improve the accuracy of economic evaluation and better serve the investment decision.
出处
《国际石油经济》
2009年第8期52-55,共4页
International Petroleum Economics
