In 2024, South Africa has the highest tax expenditure on petroleum as a percentage of GDP, followed by Ireland and Finland. Over the past year, Norway showed minimal growth, while South Africa increased substantially by 0.48%. Ukraine experienced the most significant rise at 102.44%, while Moldova saw the steepest decline at -18.61%. Notably, countries like Chile and Hungary also faced considerable reductions in tax expenditures, contrasting with a significant increase in Russia.
Future trends to watch include potential shifts in tax policies influenced by global economic fluctuations and environmental considerations. Countries may adjust petroleum taxes to balance economic growth with climate commitments. China and India might see changes as they strive for energy security and sustainability.
Top countries in Tax Expenditure on Petroleum for Consumers by Country
| # | 10 Countries | Percent of GDP | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 South Africa | 0.71 | 2023 | +3.03% | +0.48% | View data |
| 2 | 2 Ireland | 0.46 | 2023 | +0.66% | -4.7% | View data |
| 3 | 3 Finland | 0.41 | 2023 | +0.73% | +1.36% | View data |
| 4 | 4 Sweden | 0.34 | 2023 | +3.37% | +9.2% | View data |
| 5 | 5 Italy | 0.32 | 2023 | -1.83% | -2.48% | View data |
| 6 | 6 Australia | 0.32 | 2023 | +3.55% | +1.77% | View data |
| 7 | 7 Switzerland | 0.32 | 2023 | +10.42% | +0.25% | View data |
| 8 | 8 Denmark | 0.32 | 2023 | +0.32% | -0.62% | View data |
| 9 | 9 India | 0.3 | 2023 | +1.34% | +4.51% | View data |
| 10 | 10 Latvia | 0.29 | 2023 | -2.01% | -1.5% | View data |
