Economic Analysis: Theory and Practice

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Rating of oil companies by level of tax burden susceptibility to macroeconomic and industry-specific factors

Vol. 17, Iss. 12, DECEMBER 2018

Received: 5 September 2018

Received in revised form: 21 September 2018

Accepted: 22 October 2018

Available online: 24 December 2018


JEL Classification: H21, H32, L71, L52

Pages: 1430–1443

Filimonova I.V. Trofimuk Institute of Petroleum Geology and Geophysics, Siberian Branch of RAS (IPGG SB RAS), Novosibirsk, Russian Federation

Eder L.V. Trofimuk Institute of Petroleum Geology and Geophysics, Siberian Branch of RAS (IPGG SB RAS), Novosibirsk, Russian Federation

Larionov V.G. Bauman Moscow State Technical University (Bauman MSTU), Moscow, Russian Federation

ORCID id: not available

Komarova A.V. Institute of Economics and Industrial Engineering, Siberian Branch of RAS (IEIE SB RAS), Novosibirsk, Russian Federation

ORCID id: not available

Subject The article investigates the internal and external factors influencing the tax revenues from the Russian oil industry.
Objectives The focus is on the research and in-depth analysis of factors affecting the tax payments of oil companies, quantification of their influence, and preparation of rating of oil companies based on their susceptibility to these factors.
Methods The study employs a combination of methods of academic research, economic analysis (historical, systems, cause-and-effect, etc.), methods of data classification and ranking, and statistical and factor analysis.
Results We underpinned the choice of factors affecting the tax payments of oil companies; modified the indices of Laspeyres, Paasche, and Fisher to consider the specifics of the oil industry; quantified the degree of impact of the factors on tax payments; prepared a rating of Russian oil companies by the degree of sensitivity of tax payments to the change of the factors.
Conclusions There is a tendency to reduce the tax burden of companies in the oil industry. The standard rate of mineral extraction tax, dollar exchange rate, volumes of oil export and oil production had the main impact on the growth of tax payments, but the oil price had a negative influence. Gazprom Neft, RussNeft and Rosneft are at risk of tax burden increase due to oil price volatility and changes in the exchange rate of the national currency. The most sensitive to changes in the volume of oil production and exports were Rosneft, Bashneft and RussNeft.

Keywords: oil company, tax burden, factor analysis, rating


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