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New Zealand FFSR v oluntary report. APEC EWG44 Washington D.C. November 2012. OECD Inventory fossil fuel producer support. OECD Inventory fossil fuel consumer and general support. Historical reform of CNG/LPG subsidies.

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new zealand ffsr v oluntary report

New Zealand FFSR voluntary report

APEC EWG44 Washington D.C.

November 2012

historical reform of cng lpg subsidies
Historical reform of CNG/LPG subsidies
  • NZ government actively supported conversion of vehicles to CNG/LPG during 1980s as:
    • 1970s oil crises led to spike in global oil price; and
    • NZ had discovered large reserves of natural gas
  • Most support was removed following drop in oil price
  • CNG/LPG vehicle demand fell following removal of support
evolution of oil and gas mining tax regime
Evolution of oil and gas mining tax regime
  • late-1980s: NZ overhauls tax system to broaden tax base, lower tax rates, and remove distortions (including removal of support for oil and gas mining)
  • 1990s: oil and gas mining tax regime reformed again to ensure comparability with overseas jurisdictions
  • 2000s: further tax/royalty changes to encourage exploration following concerns about security of supply of gas (and electricity)
lessons learned from reform
Lessons learned from reform
  • CNG/LPG subsidies limited the ability of markets to deal with changing circumstances
  • NZ’s oil and gas tax regime is designed to ensure tax treatment is not out of line with competing jurisdictions and thus to ensure security of supply and economic development. May point to the need for multi-lateral reform in this area.
  • Periodic review of support policies is important to ensure that policies are still meeting objectives efficiently.