INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT International Peer Reviewed & Refereed Journals, Open Access Journal ISSN Approved Journal No: 2456-4184 | Impact factor: 8.76 | ESTD Year: 2016
Scholarly open access journals, Peer-reviewed, and Refereed Journals, Impact factor 8.76 (Calculate by google scholar and Semantic Scholar | AI-Powered Research Tool) , Multidisciplinary, Monthly, Indexing in all major database & Metadata, Citation Generator, Digital Object Identifier(DOI)
The paper comprehensively analyses taxation policies in the oil and gas industry, exploring challenges and opportunities in the dynamic 21st-century landscape. It highlights the industry's crucial role in driving global economic growth and revenue generation, emphasizing its significance for both producing and consuming countries. Key challenges faced by governments and industry players are examined, including the impact of volatile oil prices, unconventional resources, environmental concerns, and the need for a balanced revenue system. The comparative analysis of global taxation systems, such as production-based, profit-based, and hybrid approaches, assesses their implications on industry efficiency and investment decisions. The paper evaluates tax incentives and subsidies utilized to encourage investment, considering their potential long-term effects on economic, environmental, and social aspects. Emphasizing transparency and information exchange to combat tax evasion and illicit financial flows, the paper explores initiatives and agreements addressing these issues. Additionally, it addresses taxation challenges arising from digitalization and technological advancements in the industry, including debates on taxing digitalized businesses and their relevance to the oil and gas sector. Finally, exploring opportunities for reforming tax systems, the paper examines the viability of a carbon tax as a means to achieve environmental goals while sustaining industry growth. In conclusion, the paper highlights the significance of taxation in the oil and gas industry, outlines challenges, and emphasizes opportunities for collaborative efforts among stakeholders to foster economic prosperity, environmental sustainability, and social well-being in this ever-evolving sector.
Keywords:
Taxation Policies, Global Approaches, Socioeconomic Impact, Volatility of Oil Prices, Unconventional Oil and Gas Resources
Cite Article:
"Taxation Policies in the Oil and Gas Industry: A Comparative Analysis of Global Approaches and their Socioeconomic Impact", International Journal of Novel Research and Development (www.ijnrd.org), ISSN:2456-4184, Vol.8, Issue 7, page no.c924-c937, July-2023, Available :http://www.ijnrd.org/papers/IJNRD2307291.pdf
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ISSN:
2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar| ESTD YEAR: 2016
An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.76 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator
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