The global tax expenditure on petroleum for fossil fuel production varies significantly by country in 2023. Russia leads with $14.02 billion, followed closely by Mexico at $13.07 billion. Both India and the United Kingdom show mid-range expenditures at $8.92 billion and $3.46 billion, respectively. The United States is notable for its negative value of -$0.64489 billion, indicating possible subsidies or tax recoveries surpassing expenditures.
Year-on-year variations reveal strong growth in Mexico (178.94%) and moderate increases in the United Kingdom (13.36%) and India (6.59%). Declines are observed in Brazil (-18.34%), Canada (-3.82%), and Italy (-5.82%).
In terms of future trends, changes in global energy policies, international climate agreements, and fluctuating fossil fuel demands are crucial factors. Countries may experience increased pressures to reduce fossil fuel investments, shifting tax expenditures towards sustainable energy initiatives. Monitoring geopolitical developments, technological advancements, and environmental subsidies will be key to understanding future expenditure dynamics.
Top countries in Tax Expenditure on Petroleum for Fossil Fuel Production by Country
| # | 10 Countries | Million US Dollars, Constant = 2020 | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Russia | 14,020 | 2023 | +14.16% | -1.22% | View data |
| 2 | 2 Mexico | 13,070 | 2023 | +28.66% | +178.94% | View data |
| 3 | 3 India | 8,920 | 2023 | +6.89% | +6.59% | View data |
| 4 | 4 United Kingdom | 3,460 | 2023 | +7.07% | +13.36% | View data |
| 5 | 5 Brazil | 712.91 | 2023 | -28% | -18.34% | View data |
| 6 | 6 Canada | 391.4 | 2023 | +3.76% | -3.82% | View data |
| 7 | 7 Colombia | 156.71 | 2023 | +18.04% | +6.68% | View data |
| 8 | 8 Indonesia | 81.95 | 2023 | -8.67% | -8.67% | View data |
| 9 | 9 Japan | 60.32 | 2023 | +0.7% | +2.82% | View data |
| 10 | 10 Switzerland | 14.28 | 2023 | +9.19% | +5.7% | View data |
