Chelyabinsk, Russian Federation
Izhevsk, Russian Federation
Additional income tax depends on the financial result, not on the gross production indicators, as is the case of the mineral extraction tax. The authors described the advantages and disadvantages of the new fiscal regime of additional income tax and calculated it for the oil producing company Udmurtneft JSC. They also assessed the operation efficiency for the Arkhangelsk oil field under two fiscal regimes and concluded that the transition could eventually reduce the tax burden for the company. The article introduces a new model for efficient mineral extraction during transition to the additional income tax regime. The model provides economic efficiency through such indicators as taxable profit, net profit, capital investments, net cash flow, and new present value. A stress analysis revealed various factors that affect the tax value, i.e., the dependence of the new present value on the production level under two fiscal regimes, the management system complex, unit costs per 1 well and 1 ton of oil, the production level and specific costs for 1 well and 1 ton of oil, etc. The efficiency calculations and stress tests showed that the proposed model can be used to control the value of various indicators to achieve optimal new present values. Switching to profit-based tax was found feasible in terms of economic indicators: a higher new present value, a lower tax burden, and more profit, even with increasing costs.
oil and gas companies, fiscal regime, efficient exploitation of fields, taxation systems, tax burden, economic efficiency
1. Bogatkina Yu. G., Ponomareva I. A., Eremin N. A. Using the information technologies for economic evaluation of oil and gas investment projects. Moscow: MAKS Press, 2016, 148. (In Russ.) EDN: VJVGIJ
2. Gorokhova V. I., Pisareva Yu. S., Kostenko N. A. Execution of the federal budget and budgets of the budgetary system of the Russian Federation for 2019-2020. Topical issues of law, economics and management: Proc. XXVII Internat. Sci.-Pract. Conf., Penza, 10 Dec 2020. Penza: Nauka i Prosveshchenie, 2020, 42-46. (In Russ.) EDN: FIGQAS
3. Abdulkadyrov A. S., Efimova D. V. Innovative tax incentives of oil and gas sector of Russian economy. Problems of modern science and education: Proc. XII Internat. Sci. Conf., Moscow, 7 Apr 2016. Moscow: MUIV, 2016, 31-41. (In Russ.) EDN: WFUQLZ
4. Safonova T. Yu. Evolution of taxation in the oil and gas industry. Ekonomika, predprinimatelstvo i pravo, 2020, 10(11): 2757-2790. (In Russ.) https://doi.org/10.18334/epp.10.11.111163
5. Zhuravlev Y. A. Analysis of the foreign experience in the field of taxation of oil and gas production. Topical issues of modern science: Proc. Sci. Conf., Novosibirsk, 10 Mar 2017. Novosibirsk: TSRNS, 2017, 233-241. (In Russ.) EDN: TNGWKI
6. Gorbunova E. N. On the introduction of excess profit tax in the oil industry. Nalogi i finansy, 2018, (3): 13-19. (In Russ.) EDN: YSGDJZ
7. Budaev T. S. Assessing the need to reform the oil industry taxation system. Innovative mechanisms for solving the problems of scientific development: Proc. Intern. Sci.-Prac. Conf., Sterlitamak, 4 Jun 2017. Sterlitamak: AMI, 2017, 172-178. (In Russ.) EDN: YPTMNL
8. Moiseeva M. A., Voishvillo I. E., Milogolov N. S. Taxation of oil and gas production: development trends. Gosudarstvennyi universitet minfina Rossii. Financial magazine, 2012, (1): 87-100. (In Russ.) EDN: ONXPNL
9. Katysheva E. G. Prospects for the introduction of a taxation system based on financial results in the oil industry in Russia. Ekonomika i upravlenie: analiz tendentsii i perspektiv razvitiia, 2016, (25): 94-101. (In Russ.) EDN: VRHMMF
10. Smagina V. I. Multinational corporation: basic sources of superprofit. Vestnik tambovskogo universiteta. seriia: gumanitarnye nauki, 2009, (12): 44-47. (In Russ.) EDN: LADAPP
11. Balandina A. S. Comparative analysis of a tax on the additional income, tax on financial result and tax on mining when developing oil and gas fields. Siberian Financial School, 2017, (3): 46-49. (In Russ.) EDN: ZBIYOR
12. Voronina E. V., Grinkevich L. S. Reforming of the taxation of oil and gas branch: conceptual bases of assessment of the conflict of financial interests. Siberian Financial School, 2018, (1): 11-16. (In Russ.) EDN: YRUQTL
13. Lejbert T. B., Khalikova E. A., Dautova Ya. R. Assessing the impact of a tax regime change on the efficiency of investment assets in an oil and gas company. Economics and Management: Scientific and Practical Journal, 2019, (3): 64-71. (In Russ.) EDN: DPWEOB
14. Filimonova I. L., Komarova A. A., Kozhevina S. V. The tax system in the oil and gas complex: an incentive or a demotivator? Neftegazovaia vertical, 2020, (19): 6-17. (In Russ.)
15. Skorokhodova O. N. Calculation of tax burden on enterprises. The World of science and education, 2016, (2). (In Russ.) EDN: WMCJJP
16. Grinkevich L. S. Tax maneuver in the oil sector: what system of taxation in the mining does Russia need? Siberian Financial School, 2017, (4): 60-66. (In Russ.) EDN: ZHNVZN
17. Kirichenko O. S., Kolyadov L. V., Kirichenko T. V. Taxation in the oil and gas complex. Moscow, 2016, 328. (In Russ.)
18. Ginzburg M. Yu., Krasnova L. N., Sadykova R. R. Financial management at the enterprises of the oil and gas industry. Moscow: Infra-M, 2019, 287. (In Russ.) EDN: QVGYVV
19. Sheremet A. D. Analysis of the economics of an industrial enterprise. Moscow: Vysshaia shkola, 2017, 300. (In Russ.)
20. Basovskii L. E. Financial management. Moscow: Infra-M, 2021, 240. (In Russ.)
21. Stanislavchik E. N. Financial management: cash flow management. Moscow: Delo i servis, 2015, 272. (In Russ.) EDN: SZUYYD
22. Linnik Yu. N., Afanasev V. Ya., Linnik V. Yu., Baikova O. V. Economics of branches of the oil and gas complex. Moscow: SUU, 2009, 327. (In Russ.)
23. Yushkova O. O. International practice of mining tax: Canada, the USA, Great Britain, and Norway. Modern economy: current issues, achievements and innovations: Proc. VII Intern. Sci.-Prac. Conf., Penza, 25 Apr 2017. Moscow: Nauka i prosveshchenie, 2017, 149-150. (In Russ.) EDN: YLSBAP
24. Berzon N. I., Nikolashina N. N., Tiugai L. A. Financial management. Moscow: Akademiia, 2018, 336. (In Russ.)
