The global tax expenditure on petroleum shows significant variation among countries. Russia leads with high expenditure, despite a slight downturn in 2023. The United Kingdom, India, and France have seen growth, with the United Kingdom experiencing the highest increase. The United States, although lower in expenditure, enjoyed considerable growth. On the contrary, countries such as Canada and South Korea show declines. Notably, Ukraine witnessed a vast increase. The 5-year CAGR hints at a mixed outlook, underscoring the impact of energy policies and economic conditions.
Future trends may involve shifts due to evolving global energy policies focusing on sustainability and diversification away from petroleum. Environmental regulations and alternative energy advancements could further influence tax expenditures, necessitating close monitoring of policy changes and economic developments across countries.
Top countries in Tax Expenditure on Petroleum for All Beneficiaries or Sectors by Country
| # | 10 Countries | Million US Dollars, Constant = 2020 | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Russia | 14,790 | 2023 | +14.33% | -0.69% | View data |
| 2 | 2 United Kingdom | 11,990 | 2023 | +8.75% | +9.17% | View data |
| 3 | 3 India | 9,670 | 2023 | +6.58% | +8.32% | View data |
| 4 | 4 France | 9,240 | 2023 | +4.76% | +4.03% | View data |
| 5 | 5 Italy | 8,380 | 2023 | +2.89% | +1.97% | View data |
| 6 | 6 Australia | 7,320 | 2023 | +4.83% | +3.39% | View data |
| 7 | 7 China | 6,810 | 2023 | +4.87% | +4.36% | View data |
| 8 | 8 United States | 3,280 | 2023 | -3.87% | +6.5% | View data |
| 9 | 9 South Africa | 2,560 | 2023 | +6.82% | +2.52% | View data |
| 10 | 10 Switzerland | 2,500 | 2023 | +11.56% | +0.88% | View data |
