In 2023, significant variations in global tax expenditure on petroleum by country are evident. Russia remains the highest at $15.49 million USD (2020 constant), despite a slight decline. The UK and India show marked increases, while the U.S. witnesses a 6.5% rise. Conversely, Germany, Canada, and Spain observe reductions in their expenditures. Ukraine's spending spikes by an astounding 31%. Overall, Western European countries demonstrate steady expenditure, with some countries like France and Italy experiencing mild increases, while Eastern European and smaller nations report mixed trends.
Future trends to watch include the increasing role of sustainability and energy transitions, which could lead to shifts in petroleum tax expenditures. Countries focusing on renewable energy may reduce tax expenditures on petroleum, while others with slower transitions might maintain or slightly increase their allocations. Additionally, geopolitical factors and international energy policies will play a crucial role in shaping future spending patterns.
Top countries in Tax Expenditure on Petroleum for All Beneficiaries or Sectors Share by Country (Million US Dollars, Constant = 2020)
| # | 10 Countries | Percent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Russia | 15.49 | 2023 | +14.33% | -0.69% | View data |
| 2 | 2 United Kingdom | 12.56 | 2023 | +8.75% | +9.17% | View data |
| 3 | 3 India | 10.12 | 2023 | +6.58% | +8.32% | View data |
| 4 | 4 France | 9.68 | 2023 | +4.76% | +4.03% | View data |
| 5 | 5 Italy | 8.77 | 2023 | +2.89% | +1.97% | View data |
| 6 | 6 Australia | 7.67 | 2023 | +4.83% | +3.39% | View data |
| 7 | 7 China | 7.13 | 2023 | +4.87% | +4.36% | View data |
| 8 | 8 United States | 3.43 | 2023 | -3.87% | +6.5% | View data |
| 9 | 9 South Africa | 2.68 | 2023 | +6.82% | +2.52% | View data |
| 10 | 10 Switzerland | 2.62 | 2023 | +11.56% | +0.88% | View data |
