Evaluation of the Oil Fiscal Regime in Russia and Proposals for Reform

Brenton Goldsworthy and Daria Zakharova

No 2010/033, IMF Working Papers from International Monetary Fund

Abstract: Oil revenue plays a central role in Russia's economic development. Thus, the recent decline in oil production and investment, and the possible contribution of the current fiscal regime to these developments, have prompted a reassessment of the oil tax system in Russia. Some important changes have already been made, while others are underway. This paper uses a simulation model to evaluate Russia's current oil fiscal regime. Based on these simulations, the paper proposes ways to make the fiscal regime more supportive of investment, while ensuring an appropriate share of oil sector profits for the government.

Keywords: WP; oil price; income tax; tax rate; cost project; payback period; project cost; oil revenue; oil and gas taxation; stochastic price model; transportation cost; Urals blend price; hurdle price; Oil; Oil prices; Oil production; Transfer pricing; Corporate income tax; Global (search for similar items in EconPapers)
Pages: 30
Date: 2010-02-01
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Citations: View citations in EconPapers (8)

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