Importance The article discusses the oil and gas sector as a leading provider of tax revenue for the national budget, its capabilities and prospects for the sectoral development and modernization of the national economy. Objectives We examine the potential of the oil and gas sector, economic growth by expanding the oil and gas export. We analyze the design of the foreign and domestic markets of the oil and gas sector, pricing and taxation. The article is intended to find appropriate measures and actions to develop the sector, involving advantages of tax differentiation for ensuring high returns in the oil and gas sector. Methods The research is based on methods of analysis and expert assessment. Results We outline the future of the oil and gas sector, its modernization, capitalization, taxation, commercialization of the sectoral science. Our ideas are focused on such factors as higher tax differentiation and introduction of new taxes as the State-financed sector grows and the sector evolves. We propose differentiated methods and criteria to assess the mineral tax and demonstrate the impossibility to substitute it as a natural rent. Conclusions and Relevance Capitalizing the accumulated resources of the oil and gas sector and investing in the innovative and industrial economy, it becomes possible to financially catalyze the financial breakthrough of the domestic economy and expand foreign trade.
Keywords: hydrocarbon export, federal budget, tax differentiation, mineral tax, excess profits tax
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