The 2024 data reveals Russia, Mexico, and India as the top spenders in tax expenditures on petroleum for fossil fuel production, with values of 14.4, 12.78, and 8.97 billion USD respectively. The USA shows a negative tax expenditure, indicating a subsidy or tax refund dynamic. For 2023, Mexico experienced the highest year-on-year growth at 175.43%, whereas China's spending plunged by 76.82%. The UK and Denmark also saw significant increases at 13.33% and 37.34% respectively, while Brazil and Italy experienced the largest reductions.
Future trends to watch include shifts in global energy policies, as countries may pivot towards reductions in fossil fuel subsidies to meet climate goals. Emerging markets could see changes in tax expenditure due to increased investments in renewable energy. Monitoring geopolitical developments and their impact on fossil fuel production and tax policies is also crucial.
Top countries in Tax Expenditure on Petroleum for Fossil Fuel Production by Country
| # | 10 Countries | Million US Dollars | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Russia | 14,400 | 2023 | +14.43% | -2.76% | View data |
| 2 | 2 Mexico | 12,780 | 2023 | +28.26% | +175.43% | View data |
| 3 | 3 India | 8,970 | 2023 | +6.92% | +6.51% | View data |
| 4 | 4 United Kingdom | 3,340 | 2023 | +5.36% | +13.33% | View data |
| 5 | 5 Brazil | 545.82 | 2023 | -47.48% | -26.44% | View data |
| 6 | 6 Denmark | 458.66 | 2023 | +20.6% | +37.34% | View data |
| 7 | 7 Colombia | 175.56 | 2023 | +19.2% | +5.49% | View data |
| 8 | 8 Indonesia | 84.91 | 2023 | -10.32% | -8.25% | View data |
| 9 | 9 Japan | 56.63 | 2023 | +0.4% | +2.53% | View data |
| 10 | 10 Italy | 12.6 | 2023 | -0.75% | -8.22% | View data |
