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Government to change order of oil export duty collection since 2009 - Finance Minister

Astana. May 22. Kazakhstan Today - Since 2009 the government plans to change the order of collection of oil export duty. The Minister of Finance Bolat Zhamishev informed today during Senate plenary session, the agency reports. "In our country restrictions on export duty have been introduced. This duty does not extend on contracts (Tax Stability Agreements). Since next year, according to the new Tax Code, this exception will be cancelled," B. Zhamishev said answering deputies' questions. As it was informed earlier, the decision to introduce duty on export of crude oil was accepted on April 8 at the government session. The size of duty will make $109.91 for ton at world price of $714 for ton, which has developed, following the results of the first quarter, 2008. According to the Minister of Industry and Commerce, Vladimir Shkolnik, "it will allow increasing receipts to the budget up to the end of the year by $1 billion." "The decree provides decrease of the rate of export customs duties on crude oil by the size of rent tax. Thus, export customs duties have been established at the rate of $27.4 for ton in regards to crude oil exported at the sum of rent tax," V. Shkolnik explained. He noted that "customs duties will not be imposed on oil, exported by subsoil users, whose contracts provide tax stability mode." "The list of such contracts is being defined now," he specified. Minister of Industry and commerce explained that introduction of export customs duties do not only solve fiscal problems, but also have the purpose to stabilize deliveries of oil to domestic market." "The decree project provides addition to the list of goods imposed by export duties - coke and bitumen oil. Customs duties rate on export of goods will make $82.8 for ton," the Minister explained.

Resourse: Kazakhstan Today

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