FOREIGN EXPERIENCE OF STATE REGULATION OF THE OIL INDUSTRY AND DEVELOPMENT OF THE OIL REFINING COMPLEX

Abstract

The article presents the results of the analysis of the foreign experience of the state regulation of the oil industry and the development of the oil refining complex regarding the possibility of its adaptation to Ukrainian conditions. The features, advantages and disadvantages of the tax policy tools used in the process of state regulation of the development of the oil industry are separately highlighted. From the standpoint of the socio-economic development of the regions of Ukraine, the importance of analyzing and taking into account different approaches to the distribution of areas of responsibility and rental income between the state and local budgets is emphasized. It is shown that the tax policy can have a significant impact on oil production and oil refining, since the taxation system may include (or not include) mechanisms for supporting the production of difficult-to-extract oil, increasing the depth of field development, development of fields with small reserves, etc. It is also stated that the main elements of oil industry taxation and rent extraction mechanisms are: royalties (payment to the owner for the use of the subsoil; bonuses paid when licenses are issued for the field); resource rent taxes (taxation of the financial results of companies from oil production); export duty. It has been proven that in most countries’ taxation is based on a combination of these elements. Special regimes can be allocated to a separate category - agreements on the distribution of products and service contracts. In addition to special rent payments, standard taxation is applied to oil companies: corporate income tax, VAT, property tax, etc.