In 2023, Belgium led in global tax expenditure on petroleum for residential use with 1.55 billion USD, followed by Greece and Italy with significant expenditures of 0.29196 and 0.24357 billion USD, respectively. Among the countries with lower spending were Argentina, Luxembourg, and Ukraine, all under 0.01 billion USD. Year-over-year variations reveal notable increases in Portugal and Argentina at 24.91% and 8.13%, respectively, while Spain and Italy showed declines of 7.16% and 5.92%. Over a five-year period, Portugal's tax expenditure shows an upward trajectory compared to other nations.
Future trends to monitor include the impact of global energy policies on petroleum consumption and tax strategies. Countries may shift further toward renewable energy strategies, affecting petroleum-based tax expenditures. Economic recovery efforts and environmental regulations are key factors shaping these expenditures.
Top countries in Tax Expenditure on Petroleum for Residential by Country
| # | 10 Countries | Million US Dollars | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Belgium | 1,550 | 2023 | -0.36% | -2.26% | View data |
| 2 | 2 Greece | 291.96 | 2023 | +9.05% | +6.77% | View data |
| 3 | 3 Italy | 243.57 | 2023 | -4.57% | -5.92% | View data |
| 4 | 4 Ireland | 182.04 | 2023 | +2.35% | +2.86% | View data |
| 5 | 5 Canada | 43.69 | 2023 | -4.28% | -3.46% | View data |
| 6 | 6 Lithuania | 29.47 | 2023 | +2.01% | +2.36% | View data |
| 7 | 7 Portugal | 25.17 | 2023 | +13.34% | +24.91% | View data |
| 8 | 8 France | 9.77 | 2023 | +7.28% | -4.5% | View data |
| 9 | 9 Spain | 8.41 | 2023 | -2.56% | -7.16% | View data |
| 10 | 10 Slovenia | 2.46 | 2023 | -0.73% | -4.19% | View data |
