A Regulation aimed to establish a taxation regime for East Timor.

A Regulation aimed to establish a taxation regime for East Timor.

The present Law establishes the tax regime for the development of the Bayu-Undan field. The objective of this act is to encourage the Bayu-Undan Contractors to carry on the gas phase of the project, in addition to its liquid phase. The development of the project in its gas phase shall enable Timor-Leste to increase its overall revenues deriving from the BayuUndan field.

A law to establish and define the extent and the limit of the territorial waters, the exclusive economic zone and the rights of Timor-Leste in the contiguous zone and continental shelf.

Overview of targets for the Russian Federation on GHG emission reduction; including an action plan on GHG emission reduction.

This Law shall provide for the establishment and management of the Petroleum Fund, and the procedural rules relating thereto. In doing this it seeks to meet with the constitutional requirement laid down in Article 139 in the Constitution of the Republic.

The Petroleum Taxation Law sets out a specific taxation regime for petroleum activities. It applies to petroleum activities authorized and regulated under Timor-Leste’s Law on Petroleum Activities. It also applies to 90 percent of the petroleum activities authorised and regulated under the Timor Sea Treaty, with the exception of those activities to which Annex F to the Timor Sea Treaty refers.

This statute establishes the Environmental Licensing System conceived as an additional system for responding to the need to prevent the negative environmental impacts resulting from complex projects and meets the social and economic reality of East Timor. Furthermore, the system envisages the granting of environmental licenses and monitoring thereof as a logical consequence of the process for the environmental assessment of projects, thus creating an integrated process and a simplified procedure for preventing negative environmental impacts and controlling pollution from the projects.

The present Act seeks to relieve the fiscal burden that has been considered to be disproportionate and excessive in view of the reality of the country.

This Amendment takes into account the experience gathered by ANP in the implementation of the Regulation No. 1 2014 on Fuel, Biofuel and Lubricant Quality Standards and Specifications and provides for slight improvements.