Valishvili M.A.Published in:
Journal of International Economic Affairs
– Volume 9, Number 2 (April-June 2019)

JEL classification: H20, H24, H32

Keywords: economic efficiency of field development, fiscal regulation, oil industry, state budget revenues


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Abstract:

The article discusses the main instruments of fiscal regulation of the oil and gas sector of the Russian Federation in accordance with the current tax system. The analysis of the effectiveness of the use of tax regulation tools for both the state and individual oil companies in the top-5 industries was carried out. Based on the method of economic and mathematical modeling, an assessment was made of the optimal value of the base MET rate in order to assess the prospects for its further use as the main fiscal instrument. The study showed that the current value of the base rate under the current macroeconomic conditions is close to optimal, that is, it allows to achieve the maximum amount of state revenues from a separate oil and gas project. The results obtained during the work can be used both to assess the current state of the current tax system in the oil industry and to predict the effectiveness of the use of certain fiscal instruments.

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