In 2023, countries with high global tax expenditure on petroleum included Russia, the United Kingdom, and India. Notably, Russia experienced a slight decrease (-2.21%), while the United Kingdom saw an increase of 8.96%, emphasizing a shift in tax expenditure dynamics. The United States showed a substantial increase at 11.12%. Argentina, Canada, and Spain recorded significant declines at -6.06%, -8.8%, and -9.09%, respectively. Ukraine showed a noteworthy rise of 33.22%.
Future trends to watch:
- The impact of global regulatory changes on petroleum tax expenditure.
- Potential shifts towards renewable energy affecting petroleum tax policies.
- Ongoing geopolitical events influencing global tax expenditures in key countries.
Top countries in Tax Expenditure on Petroleum for All Beneficiaries or Sectors Share by Country (Million US Dollars)
| # | 10 Countries | Percent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Russia | 16.82 | 2023 | +14.69% | -2.21% | View data |
| 2 | 2 United Kingdom | 12.67 | 2023 | +7.16% | +8.96% | View data |
| 3 | 3 India | 10.74 | 2023 | +6.6% | +8.21% | View data |
| 4 | 4 France | 9.62 | 2023 | +4.22% | +2.81% | View data |
| 5 | 5 Italy | 8.58 | 2023 | +0.98% | +0.13% | View data |
| 6 | 6 China | 7.71 | 2023 | +5.41% | +4.44% | View data |
| 7 | 7 Australia | 7.66 | 2023 | +3.59% | +1.19% | View data |
| 8 | 8 United States | 4.35 | 2023 | +2.91% | +11.12% | View data |
| 9 | 9 Belgium | 3.81 | 2023 | +1.85% | +1.32% | View data |
| 10 | 10 South Africa | 2.69 | 2023 | +5.94% | -1.03% | View data |
