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Issue № 78. February 2020

Tax Payments of Oil Companies in Russia and Abroad

Elena N. Zhavoronkova

PhD, Associate Professor, Lomonosov Moscow State University, Moscow, Russian Federation.
E-mail: javoronkova@spa.msu.ru

The article analyzes the tax burden of Russian and foreign oil companies. In Russia, industry tax payments include three components: mineral extraction tax, export duties, excise taxes. These taxes and fees are in most cases related to production, export, and sales volumes and result in significant revenue withdrawals compared to foreign oil companies. In this case, we consider the impact of various factors on the tax burden of oil companies: the rates of taxes, fees and duties, the volume of oil and gas production and processing, the volume of exports, etc. We have selected the following indicators as key indicators for comparing the tax burden of Russian and foreign oil companies: the share of total taxes in revenue, and the tax payments per barrel of oil equivalent production. In the research, the following methods have been used: system analysis, factor analysis, expert assessments, financial analysis, accounting analysis, and statistical analysis. The result of the study shows that, in general, the tax payments on the barrel of oil equivalent production of companies in the Russian oil sector is comparable (and in some cases even lower) to the values of the same indicator of the largest international foreign oil companies. In general, the adjustments that occurred in the Russian legislation in 2013–2014 allowed implementing the planned changes in the structure of tax revenues. In Russian oil companies tax revenues from tax on mineral extraction currently dominate, while in 2010–2013 revenue from export duties prevailed.

Keywords

Taxation, oil industry, tax payments on a barrel of oil equivalent production, profit tax, mineral extraction tax, export duty, excise duty.

DOI: 10.24411/2070-1381-2020-10031

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