Bolshakov V.V.
State tax policy in oil industry as a factor ensuring economic security of theRussian Federation *
Аннотация:
In the article actual problems of the taxation of the enterprises of oil sector in the financial crisis, sanctions imposed against Russia, and low oil prices. Particular attention is paid to the analysis of the first results of the tax reform introduction of tax maneuver as one of the main mechanisms of financial security state. The subject of the study are topical issues of taxation of oil In particular, the application of the mechanism of taxation of the added income of oil companies.
Ключевые слова:
taxation, financial crisis, sanctions, oil, financial security of the state
Introduction. Over the last few years in Russia the oil sector taxation has being reformed. At different times this reform was declared to have various goals, it bears many components, strategic and tactical tasks, however, its main medium-term vector is to reduce crude export duty rates, to gradually align them with export duty rates on dark and, to some extent, light oil products, as well as to raise mineral extraction tax (MET) rates. The implementation of this particular vector of the reform of the legislation adopted in 2013-2014 was named a tax maneuver. In due time, the need for the "tax maneuver" was explained by loss minimization from oil and oil products’ re-export by Belarus and Kazakhstan, when export duties were much lower than Russian ones. This became a pressing issue due the Eurasian Economic Union Treaty enacted as of January 1, 2015. Also, one of the goals of this novation was to reduce the dependence of the Russian budget on export duties, which reduction, due to the calculation specifics, depends on oil price movements. Research materials and methods. In this paper, the author examines the possibility to change the taxation system of oil production and refining, as well as of export oil products within the period following the completion of the tax maneuver in 2018. Among further reform options, it is preferable to phase out export duties on oil and oil products, with concurrent increase in MET-oil rates and excise taxation adjustment on oil products. The main objective of this maneuver is to repudiate customs duties due to their improper function to withdraw natural resource rent and to subsidize the inefficient oil refining industry. The withdrawal of the oil rent will be carried out through the increase in MET-oil rates proportionate to the revocable customs duty. In substitution for a customs subsidy being provided to oil refining industry enterprises, it is proposed to introduce a compensation mechanism of "negative" oil excise taxes. Of note, the World Trade Organization calls Russia to totally abolish export duties on crude materials. Also, the World Bank experts claim export customs duties to have changed the prices of export sales and domestic supply. They are generally not charged in the oil and gas sector, but Russia remains to be a notable exception [1, p. 41]. The increase in the MET income alongside the refusal to grant oil customs subsidies within the Eurasian Economic Union will make sources of additional income to the federal budget. The new system provides for a reduction in the total amount of taxes that depend on gross indicators (MET-oil and oil customs duty) and imposing of the added extraction income taxation (hereinafter - AIT). As a result, higher flexibility of taxation is ensured due to the dependence of the taxes amount on the economic performance from the reserves development. Results. In 2018-2019, under the current legislation, the federal budget revenues are expected to decrease as for GDP. This trend primarily due to lower oil and gas revenues to the federal budget as for GDP relies on three main factors: Firstly, with no serious shocks in the global economy, energy prices on the world market are expected to remain close to the structurally balanced level (Urals crude at 40 USD per barrel), while the RUB-USD exchange rate will remain stable in real terms. Secondly, during the forecast period, the share of the oil and gas sector itself within the GDP breakdown will continue to decline against the backdrop of lagging growth rates (decline in particular positions) of physical production output and export of these products. Conclusion. In conclusion, I would like to highlight a number of key problems which the oil industry faces when implementing the oil production taxation legislation in Russia: Firstly, issues when applying tax exemptions for oil production taxation. Anyhow, it becomes obvious that there is a need to provide MET deductions, the purpose of which will be to raise a geological exploration fund. This approach seems to be the most effective one to address the growth stimulation issue of new oil reserves, to maintain the annual hydrocarbon production volume, and, in the long run, tax revenues and other mandatory payments to budgets from additional extraction. Secondly, tax incentives issues for geological exploration. The solution to this problem can be done by introducing surcharge rates for corporate income tax expenses. The MET deduction in the amount of effective geological exploration expenses from the amount of the calculated MET may serve as an alternative mechanism [2, p. 108]. According to experts, the existing taxation system hampers investments in development of new deposits and does not stimulate the maintenance of production volume in depleted areas. The system is still focused on mature deposits. In order to attract oil companies to develop new deposits, it is necessary to considerably reform the legislation [3, p. 218].
Номер журнала Вестник науки №6 (6) том 3
Ссылка для цитирования:
Bolshakov V.V. State tax policy in oil industry as a factor ensuring economic security of theRussian Federation // Вестник науки №6 (6) том 3. С. 4 - 6. 2018 г. ISSN 2712-8849 // Электронный ресурс: https://www.вестник-науки.рф/article/122 (дата обращения: 20.04.2024 г.)
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