Name: Subsidies, tax incentives, and the grey area in between
Brand: Wood Mackenzie
SKU: 135884
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Author: Wood Mackenzie

Insight 23 March 2021

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The Biden presidency has awoken and energised calls for ending tax subsidies for fossil fuel companies. Some argue oil and gas is not subsidised and instead is heavily taxed. Distinguishing what is and is not a subsidy is challenging. Should specialised depreciation schedules be considered a subsidy? What if the government sets oil tax rates below that of other countries, could that be a subsidy? Is lack of carbon taxes a subsidy to oil and gas? In this insight, we look globally for examples of oil subsidies, tax incentives, and explore the grey area in between.</div>
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<li class="list__item-toggle font-semibold">
        Executive summary
    </li>

<li class="list__item-toggle font-semibold">
        Defining subsidy
    </li>

<li class="list__item-toggle font-semibold">
        A direct transfer of funds: the traditional ‘subsidy’
    </li>

<li class="list__item-toggle font-semibold">
        Direct transfer of funds is not always a subsidy
    </li>

<li class="list__item-toggle font-semibold">
        Late-life considerations
    </li>

<li class="list__item-toggle font-semibold">
        Liability transfer: lack of emission taxes a subsidy?
    </li>

<li class="list__item-toggle font-semibold">
        Forgone government revenue: when is it forgone?
    </li>

<li class="list__item-toggle font-semibold">
        Forgone revenue: taxation opportunity costs
    </li>

<li class="list__item-toggle font-semibold">
        Clarifying the use of ‘subsidy’ frames our discussion
    </li>

</ul>

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         <li class="list__item push-quarter--bottom">Canada project life taxes</li><li class="list__item push-quarter--bottom">Canada project late-life taxes</li><li class="list__item push-quarter--bottom">Intangible drilling costs shift tax cash flows (example project)</li>
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<p class="font-regular" >Subsidies, tax incentives, and the grey area in between</p>
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