TAXATION IN THE OIL AND GAS SECTOR: CHALLENGES AND SOLUTIONS

In current conditions, the Russian energy policies aim to enhance the efficiency of natural resources and potential of the energy sector, ensure a sustainable economic growth of the country, strengthen national economic positions on a global stage and improve living standards. In the total structure of the fuel and energy industry, the oil and gas sectors are key national budget formation sources. Despite the intentions to reduce the dependency of the Russian economy on raw materials, this area will influence the structure of national revenues. Taxation of oil and gas extracting industries is a problem of both the government and extracting companies. Oil companies are a basis of the Russian energy industry. Due to current political and economic conditions, the modern taxation system has some problems and drawbacks which prevent the industry from development. At present, the issue of oil industry taxation is discussed at the government level and by experts who suggest different solutions. (c) 2018 Published by Future Academy www.FutureAcademy.org.UK