Resource rentals can be defined as payments made by the user of a resource to the stakeholders to whom the payment accrues. Typically, resource rentals take the form of a payment by a commercial enterprise to the state. Resource rentals can be viewed as a tax on resource rents (i.e., on net income derived from the use of a resource) or as royalties or access fees to a resource. The Icelandic Fishery Management Act requires that vessel owners pay a resource rental in the form of the “catch fee†(veidigjald), which is one of the first attempts to explicitly use resource rent generated in fisheries as a base for government revenue. This paper first discusses the legislative activity leading up to the introduction of the catch fee, followed by a discussion of how the Fishery Management Act defines the fee. Then, the effect of using a quota-lease-charge rule is discussed and finally there is an evaluation of whether the catch fee is high enough.
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Heaps, Terry & Helliwell, John F., 1985.
"The taxation of natural resources,"
Handbook of Public Economics,
in: A. J. Auerbach & M. Feldstein (ed.), Handbook of Public Economics, edition 1, volume 1, chapter 8, pages 421-472
Elsevier.
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