俄罗斯和哈萨克斯坦原油项目税收政策与收益对比

Comparison of crude oil project tax policies and proceeds in Russia and Kazakhstan

俄罗斯与原油相关的主要税种有矿产资源开采税、出口关税和公司所得税,哈萨克斯坦主要有矿产资源开采税、出口租用税、出口关税、公司所得税和超额利润税。在布伦特油价为80美元/桶,不考虑投资、成本变化的情况下,俄哈两国原油项目承包商单位收入边际所得基本相当,俄罗斯为27%,哈萨克斯坦为30%?31%;在考虑平均投资和成本后,两国原油项目承包商单位收入净所得差距较大,俄罗斯只有11%,哈萨克斯坦却达到26%?30%,两国政府净所得也存在较大差异。如果哈政府以石油税收最大化为导向,则其财税政策变化的空间和可能性远比俄罗斯大。在高油价时,俄罗斯税收对投资成本敏感,项目投资和成本上涨直接导致承包商税后净利润水平下降,降低单位投资成本是提高项目经济效益的有效方式;而哈萨克斯坦税收对投资成本缺乏敏感性,如果适度提高投资和成本能提高项目储产量,在税后利润率基本不变的情况下,承包商加大项目销售收入能够提高项目的整体经济效益。

Crude oil taxes in Russia consist mainly of royalties,export duties and corporate income taxes.In Kazakhstan they consist mainly of royalties,export rental taxes,export duties,corporate income taxes and excess profits taxes.When the Brent price is below 80 dollars per barrel,investment cost variations are not taken into account;in Russia,the marginal income from crude oil projects to contractors will amount to 26.77%,and the marginal tax revenue of the government will amount to the remaining 73.23%;in Kazakhstan on the other hand,such percentages will be 30.15%30.74%and 69.26%69.85% respectively.Once the Brent price reaches 80 dollars per barrel,investment cost variations are taken into account;in Russia,net unit income to contractors from crude oil projects will amount to 11.04%,while net tax revenue to the government will amount to 69.28%;in Kazakhstan such percentages will be 26.31%29.71%and 47.47%50.87% respectively.When the oil price is high,Russia's tax revenue is very sensitive to the change in investment cost,while Kazakhstan's tax revenue is not.So,Russian crude oil project contractors can reduce unit investment cost to increase income,while Kazakhstan's crude oil project contractors can increase investment costs moderately as crude oil production and reserves get increased.