In 2023, Russia led global petroleum tax expenditures at $15.21 billion. Significant growth was observed in the United States, with an 11.12% increase, while Ukraine experienced remarkable growth of 33.22%. In contrast, Canada and Chile saw declines of 8.8% and 15.58%, respectively. The UK and India showed notable growth, at 8.96% and 8.21% year-on-year, respectively. Over the past five years, the compound annual growth rate across countries displays mixed trends, with some countries experiencing reductions and others moderate growth.
Future Trends to Watch:
- Impact of global energy transitions on petroleum taxation.
- Shifts in geopolitical dynamics affecting energy policies.
- Adoption of sustainable energy frameworks by leading economies.
Top countries in Tax Expenditure on Petroleum for All Beneficiaries or Sectors by Country
| # | 10 Countries | Million US Dollars | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Russia | 15,210 | 2023 | +14.69% | -2.21% | View data |
| 2 | 2 United Kingdom | 11,460 | 2023 | +7.16% | +8.96% | View data |
| 3 | 3 India | 9,710 | 2023 | +6.6% | +8.21% | View data |
| 4 | 4 France | 8,700 | 2023 | +4.22% | +2.81% | View data |
| 5 | 5 Italy | 7,750 | 2023 | +0.98% | +0.13% | View data |
| 6 | 6 China | 6,970 | 2023 | +5.41% | +4.44% | View data |
| 7 | 7 Australia | 6,930 | 2023 | +3.59% | +1.19% | View data |
| 8 | 8 United States | 3,930 | 2023 | +2.91% | +11.12% | View data |
| 9 | 9 Belgium | 3,440 | 2023 | +1.85% | +1.32% | View data |
| 10 | 10 South Africa | 2,430 | 2023 | +5.94% | -1.03% | View data |
