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

Author

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  • Brenton Goldsworthy
  • Daria V Zakharova

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.

Suggested Citation

  • Brenton Goldsworthy & Daria V Zakharova, 2010. "Evaluation of the Oil Fiscal Regime in Russia and Proposals for Reform," IMF Working Papers 10/33, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:10/33
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    1. Beveridge, Stephen & Nelson, Charles R., 1981. "A new approach to decomposition of economic time series into permanent and transitory components with particular attention to measurement of the `business cycle'," Journal of Monetary Economics, Elsevier, vol. 7(2), pages 151-174.
    2. Shekhar Aiyar & Charles W. Calomiris & Tomasz Wieladek, 2012. "Does Macro-Pru Leak? Evidence from a UK Policy Experiment," NBER Working Papers 17822, National Bureau of Economic Research, Inc.
    3. Aiyar, Shekhar, 2011. "How did the crisis in international funding markets affect bank lending? Balance sheet evidence from the United Kingdom," Bank of England working papers 424, Bank of England.
    4. Heitor Almeida & Murillo Campello & Crocker Liu, 2006. "The Financial Accelerator: Evidence from International Housing Markets," Review of Finance, European Finance Association, vol. 10(3), pages 321-352, September.
    5. Giovanni Dell'Ariccia & Pau Rabanal & Christopher W. Crowe & Deniz O Igan, 2011. "Policies for Macrofinancial Stability; Options to Deal with Real Estate Booms," IMF Staff Discussion Notes 11/02, International Monetary Fund.
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    Cited by:

    1. repec:cmj:journl:y:2013:i:27:stoiana,becherescur is not listed on IDEAS
    2. Fjaertoft, Daniel & Lunden, Lars Petter, 2015. "Russian petroleum tax policy – Continuous maneuvering in rocky waters," Energy Policy, Elsevier, vol. 87(C), pages 553-561.
    3. Andrei STOIAN & Radu BECHERESCU, 2013. "Financial Crises Of The Last Two Decades And The Issues To Be Addressed," SEA - Practical Application of Science, Fundația Română pentru Inteligența Afacerii, Editorial Department, issue 1, pages 200-211, June.

    More about this item

    Keywords

    Cross country analysis; Economic models; Fiscal policy; Natural gas sector; Oil and gas taxation; Oil production; Oil revenues; Oil sector; Russian Federation; Reserves; Resource mobilization; Tax systems; Tax policy; oil revenue; taxation; oil field; fiscal regime; oil and gas; Subsidies; and Revenue: General;

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