The global tax expenditure on petroleum for residential usage shows significant variability among countries. In 2023, Belgium led with $1.66 billion, while Argentina had the lowest at a mere $0.000029 billion. Notable upward trends were observed in Greece, Ireland, Lithuania, and Ukraine, while countries like Italy, Spain, South Africa, and the United Kingdom experienced declines. Belgium and Canada also saw decreases in expenditure. The Compounded Annual Growth Rate over the last five years presents a mixed picture, indicating an overall moderate growth against some significant fluctuations.
Future trends to watch include the shift towards more sustainable energy sources and fluctuating geopolitical factors, which could influence tax expenditures. Countries investing in renewable energy may see a decrease in taxation on petroleum, while global energy policies and market conditions will play a critical role in shaping future expenditure patterns.
Top countries in Tax Expenditure on Petroleum for Residential by Country
| # | 10 Countries | Million US Dollars, Constant = 2020 | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Belgium | 1,660 | 2023 | +0.36% | -0.79% | View data |
| 2 | 2 United Kingdom | 407.75 | 2023 | -0.56% | -0.52% | View data |
| 3 | 3 Greece | 289.93 | 2023 | +9.07% | +7.64% | View data |
| 4 | 4 Italy | 262.9 | 2023 | -3.51% | -4.22% | View data |
| 5 | 5 United States | 259.76 | 2023 | -0.021% | -0.27% | View data |
| 6 | 6 Ireland | 186.79 | 2023 | +2.91% | +3.48% | View data |
| 7 | 7 Canada | 50.04 | 2023 | -1.28% | -0.6% | View data |
| 8 | 8 Lithuania | 28.5 | 2023 | +0.36% | +1.56% | View data |
| 9 | 9 South Africa | 28.38 | 2023 | -0.8% | -4.28% | View data |
| 10 | 10 Portugal | 25.29 | 2023 | +13.24% | +24.83% | View data |
