Improving the Government's Tax Policy in the Oil Industry Taxation

The article considers current issues of the oil sector taxation amid unstable economic policy in the state. Special emphasis is laid on building an effective tax system, development and implementation of a modern and effective tax regime that would ensure continuous and stable tax revenue to the state budget, and contribute to the long-term development of the country's oil industry. The subject of the study is challenging issues of the oil industry taxation, in particular, imposing of added income tax mechanisms and excess profits for oil companies. The key findings of the study are that crucial issues, such as the tailoring of legal mechanisms for the oil industry taxation, having to meet the international policy challenges, and respond to the sanctions imposed against Russia, have not been settled yet. The author proposes specific legal models of oil production taxation in Russia.