Can a Wind Fall Profits Tax Work?

Can a wind fall profits tax (WFPT) work?

It can if there is a global system for its implementation. This is to manage and control gaming and tax evasion by shifting costs and profits between operations in different countries.
The purpose of a WFPT is to return the fruits of exploiting the Earth's natural resources to the Earth's inhabitants.

If we all agree to this Universal Principle, as people and as nations, then we can make this concept a reality. We can then solve the global poverty problem.

For each country, the revenue from the oil companies operating in that country will be reported to the tax authority of that country. Charged as costs against the revenue will be costs incurred within the country and costs incurred outside the country. Imported oil will be considered as costs incurred outside. For the tax authority, that import can be marked to the global market price. However, for oil obtained from inside the country, the actual costs of production will be charged. The total net income will be the total domestic revenue - domestic production cost - import cost marked to market.

Effective audit and international enforcement are needed to ensure that no cost shiftings take place.

A reasonable profit % should be allowed. An allowance for research and exploration is also appropriate. Beyond these, the excess revenue belongs to the Earth's inhabitants. Not just to the residents of that country.

In other words, the WPFT must be shared among the Earth's inhabitants. If this form of taxation is imposed on all oil companies in all countries, then the global WFPT will be a means for levelizing the world's monetary benefits from the world's oil resources.