In 2023, the GDP percentage of Mexico and France had no change in their petroleum tax expenditure. The UK showed notable growth of 16.75%, while Australia saw an increase of 4.18%. Conversely, Indonesia experienced a sharp decline of 40.13%. Russia, Brazil, Canada, and Ukraine faced reductions, with Russia decreasing by 0.53%. The US maintained stable levels with minimal changes noted in Germany and other countries. Over the last five years, countries have demonstrated varied responses, influenced by economic conditions and policy changes.
Future trends may involve shifts towards sustainable energy sources, impacting tax structures and petroleum production. Watch for policy realignments aligned with carbon neutrality goals, particularly in developed economies. Such changes will reshape global tax expenditures on petroleum, necessitating strategic adaptation by producers and governments alike.
Top countries in Tax Expenditure on Petroleum for Producers by Country
| # | 10 Countries | Percent of GDP | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Mexico | 1.26 | 2023 | +29.54% | View data | |
| 2 | 2 Russia | 0.97 | 2023 | +13.67% | -0.53% | View data |
| 3 | 3 Australia | 0.19 | 2023 | +5% | +4.18% | View data |
| 4 | 4 United Kingdom | 0.15 | 2023 | +3.36% | +16.75% | View data |
| 5 | 5 Brazil | 0.064 | 2023 | -13.51% | -12.39% | View data |
| 6 | 6 Canada | 0.025 | 2023 | +8.7% | -2.92% | View data |
| 7 | 7 Ukraine | 0.016 | 2023 | +33.33% | -5.29% | View data |
| 8 | 8 France | 0.009 | 2023 | +12.5% | 0% | View data |
| 9 | 9 Germany | 0.007 | 2023 | 0% | -2.64% | View data |
| 10 | 10 Norway | 0.002 | 2023 | 0% | 0% | View data |
