Importance The article deals with such topical issues as an evaluation of the tax treatment in the oil and gas sector of the Russian Federation. Objectives The research illustrates the significance of the oil and gas sector in the national economy, identifies key taxation issues and proposes possible solutions. Methods The article analyzes what problems the State and Oil & Gas companies face in terms of taxation, and unveils difficulties in the administration of tax benefits, tax maneuvering measures in relation to Oil & Gas companies. Results We study trends in the mineral production tax proceeds to the budget, show how the mineral production tax depends on external factors. We also analyze whether it is possible to abolish the export duty on natural resources and Oil & Gas companies can start withhold tax on their financial results. Conclusions and Relevance We suggest altering the mineral production tax computation so to exclude the effect of external factors on the tax base, and subsequently use the financial result as the taxable base in oil production. The article expresses our ideas of introducing an excise tax on crude oil and allowing for tax deduction multiplied by a respective coefficient, authorizing local tax bodies, to a certain extent, to coordinate transactions among the Russian and foreign counterparts, thus streamlining the development of the transfer pricing mechanism. The findings can be used by the Ministry of Economic Development of the Russian Federation, Federal Tax Service of the Russian Federation to outline the concept of economic development, tax policies, estimates of the mineral production tax.
Keywords: federal budget, consolidated budget, Oil&Gas, mineral production tax, tax administration
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