In 2023, India led in global tax expenditure on petroleum for consumers, contributing significantly to the total with a share of $14.35 million. France and the UK followed with $12.42 million and $11.37 million, respectively. Notable increases were seen in India (8.21%) and Portugal (8.18%), whereas Greece experienced the largest decline at -15.75%. Germany's expenditure decreased by 4.05%, reflecting economic shifts. South Korea and Canada also saw significant drops, at -5.25% and -6.58%, respectively, showing adjustments in petroleum taxation policies across different regions.
Future trends to watch include the impact of green energy transitions, which might lead to decreased reliance on petroleum, hence modifying tax expenditures. Emerging policies focused on sustainability and climate change will likely shift market dynamics, affecting global tax strategies for petroleum.
Top countries in Tax Expenditure on Petroleum for Consumers Share by Country (Million US Dollars)
| # | 10 Countries | Percent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 India | 14.35 | 2023 | +6.6% | +8.21% | View data |
| 2 | 2 France | 12.42 | 2023 | +4.14% | +2.85% | View data |
| 3 | 3 United Kingdom | 11.37 | 2023 | +8.36% | +7.22% | View data |
| 4 | 4 Italy | 11.36 | 2023 | +0.99% | +0.13% | View data |
| 5 | 5 Australia | 6.47 | 2023 | +2.95% | +0.42% | View data |
| 6 | 6 Belgium | 5.09 | 2023 | +1.85% | +1.32% | View data |
| 7 | 7 South Africa | 3.6 | 2023 | +5.94% | -1.03% | View data |
| 8 | 8 Switzerland | 3.48 | 2023 | +10.14% | +0.38% | View data |
| 9 | 9 Ireland | 3.12 | 2023 | +5.71% | -1.23% | View data |
| 10 | 10 Sweden | 2.06 | 2023 | -4.72% | +2.98% | View data |
