Sao Tome and Principe Enacts Oil Revenue Law, Sets New Transparency, Accountability, and Governance Standards
Article from: OGEL 1 (2005), in Taxation
Summary
President Fradique de Menezes of Sao Tome and Principe signed on December 29, 2004 an exemplary new law establishing an oil fund and providing an open and transparent regime for the management of country's oil revenues. The fund will be held by an international custodial bank, and all oil revenues will be paid directly into the fund. There will be a single annual withdrawal from the fund to support the budget, but the withdrawals will be limited so that the fund will preserve the oil wealth of the country. In addition the last provides extensive transparency and good ...