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TAX EXEMPTIONS SYSTEM AS A TOOL FOR IMPROVING OIL PRODUCTION GROWTH IN RUSSIA
Abstract
The article describes the changes in the taxation system for oil companies introduced within the period of 2002 - 2016. It is indicated that introduction of tax exemptions was due to decrease in the economic efficiency of oil production due to the growth of the tax burden. The important role of tax exemptions for mineral extraction tax (MET) is considered to be important for stimulating the growth of hydrocarbon production. Amendments to the Tax Code of the Russian Federation, expanding the list of privileges on the severance tax, are analyzed. The dynamics of the volume of tax exemptions is given. It is noted that the amount of benefits is not always justified and therefore, for individual projects is leads to the emergence of super-profitability. It was concluded that the incentive mechanism should be adapted to the conditions of a particular field. To assess the effectiveness of tax exemptions and the appropriateness of their application, the institution of state expertise of project documents can be used.
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