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EVALUATION OF CONSECUENCES FOR GOVERNMENT FISCAL POLICY ADJUSTMENT IN THE FIELD OF OIL PRODUCTION
Abstract
The mineral extraction tax and the customs duty on oil export are basic elements of the fiscal policy for the oil-extracting companies operating in Russia. The volume of these payments is strictly connected with the average level of exchange prices of Urals brand oil during the corresponding month. In the conditions of intensive oil prices reduction this circumstance led to essential losses of the federal budget incomes. The aim of this work consists in the characterization of the oil-extracting companies taxation system existed before 2015; in the assessment of the fiscal policy changes that have come into force since 2015; in the search of ways for the taxation system optimization taking into account interests both of the state and the oil-extracting branch. The paper describes the changes in the government fiscal policy mechanisms in relation to oil-producing companies: the expansion of the list of tax and customs benefits, the transition to differential taxation, coordination of the fiscal burden level with the economics of specific projects, the introduction of the oil tax maneuver. Positive and negative consequences of these changes for the oil industry and the Russian economy as a whole are identified. It is shown in this work that for implementation of the projects focused on domestic market, the effect of tax maneuver is negative. On the basis of the conducted research the conclusion is drawn that in the existing macroeconomic conditions the evolutional transition from the tax system based on quantitative indices to the system which is based on financial result is expedient. Alternative options for the transition from mineral extraction tax to an excess-profit tax or a tax on financial result are considered.
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