COMPARE
UNCLOS uniquely gives the United Nations the ability to impose a tax on nations by use of its royalties assessments on the exploitation of oil and gas reserves.
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- UNCLOS would create taxing authority within UN for the first time, starting a dangerous precedent
- UNCLOS would establish new precedent for allowing United Nations to levy taxes that would lead to further abuses
- UNCLOS uniquely sets up an international taxing authority that is a step in the wrong direction
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VERSUS
Opponents argue that by ratifying UNCLOS, the United Nations would be given the first opportunity to tax U.S. citizens. However, this is a misunderstanding of the royalties structure within UNCLOS. The International Seabed Authority requires royalty payments from all companies engaged in seabed mining in areas that do not belong to any country and are therefore under the management of the ISA. These payments are a small fraction of the revenue and similar to payments U.S. companies already pay around the world to governments for resource concessions.
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- UNCLOS stipulates modest fees on resource extraction industries but does not represent new taxing authority
- UNCLOS does not impose a tax but a royalty scheme that comes with unprecedented U.S. control over administration
- UNCLOS does not establish tax on corporations or individuals, only a modest revenue sharing agreement for mineral/energy extraction in international waters
- Royalty payments in UNCLOS are neither unique nor burdensome which is why the oil and gas industry views them as a bargain and favors UNCLOS ratification
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