The economic effect of the tax maneuver in the oil industry of the Russian Federation

Grechko V.A.¹, Garmashova E.P.¹
¹ Севастопольский государственный университет, Russia

Journal paper

Journal of Economics, Entrepreneurship and Law ^{(РИНЦ, ВАК)}
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Volume 14, Number 1 (January 2024)

Citation:

Indexed in Russian Science Citation Index: https://elibrary.ru/item.asp?id=60003969

Abstract:
The article is devoted to the topical issue of assessing the impact of the tax maneuver on the revenues of the Federal Budget and on the availability of petroleum products in the domestic market. This tax maneuver consists in a uniform increase in the tax rates on the extraction of minerals (oil and gas condensate) by the amount of reduction in the rates of export customs duties on oil and petroleum products for six years starting in 2019. To solve the problem set in the article, the authors assessed the economic effect of the tax maneuver from the point of view of the Federal Budget. An assessment of the dynamics of the natural and cost volume of exports of crude oil and petroleum products was made. Based on data from the Central Bank, the Ministry of Finance of the Russian Federation and the State Statistics Service, an analysis of the impact of the tax maneuver on the revenues of the Federal Budget was conducted. To assess the impact of the tax maneuver on the purchasing power and welfare of the population, the degree of fuel availability for domestic consumers was calculated before and during the implementation of this tax reform. It was concluded that the introduction of the tax maneuver had a positive impact on the revenues of the Federal Budget for the period 2018-2022. Despite the decrease in revenues from the collection of export duties on oil and petroleum products, the amount of income from the collection of mineral extraction tax increased in a greater proportion, which indicates the economic effectiveness of the tax maneuver for the economy of the Russian Federation as a whole. In addition, the real purchasing power of the population, estimated in liters of fuel, also shows a positive trend. Thus, diesel fuel has become more affordable by 217 liters; AI-92 has become more affordable by 497 liters; and AI-95 has become more affordable by 441 liters. This indicates an increase in the availability of fuel for households.

Keywords: tax maneuver, oil, petroleum products, export duty, mineral extraction tax, oil and gas sector

JEL-classification: H21, H22, H71

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