In 2024, Belgium leads globally in tax expenditure on petroleum for residential usage at 0.3% of GDP, followed by Greece at 0.15% and Lithuania at 0.05%. Countries such as Slovenia and Luxembourg observed significant declines in expenditure, with decreases of 30.12% and 19.73% respectively in 2023. Ireland, Italy, and the United Kingdom also showed notable reductions. In contrast, Greece marked a substantial increase of 8.23% year-on-year.
Future trends to watch include potential policy shifts towards renewable energy sources and subsequent impacts on tax expenditures, especially in countries actively pursuing carbon neutrality goals. Economic recovery patterns post-pandemic might also influence these expenditure trends.
Top countries in Tax Expenditure on Petroleum for Residential by Country
| # | 10 Countries | Percent of GDP | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Belgium | 0.3 | 2023 | 0% | -1.28% | View data |
| 2 | 2 Greece | 0.15 | 2023 | +8.89% | +8.23% | View data |
| 3 | 3 Lithuania | 0.05 | 2023 | -1.96% | +0.4% | View data |
| 4 | 4 Ireland | 0.035 | 2023 | -2.78% | -3.11% | View data |
| 5 | 5 Italy | 0.011 | 2023 | -8.33% | -7.22% | View data |
| 6 | 6 United Kingdom | 0.011 | 2023 | 0% | -4.71% | View data |
| 7 | 7 South Africa | 0.008 | 2023 | 0% | -6.17% | View data |
| 8 | 8 Portugal | 0.003 | 2023 | -25% | 0% | View data |
| 9 | 9 Canada | 0.003 | 2023 | 0% | 0% | View data |
| 10 | 10 Ukraine | 0.002 | 2023 | 0% | 0% | View data |
