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Government suggests establishing tax on extraction of mineral resources including gas condensate by ascending scale

Astana. August 7. Kazakhstan Today - The government of Kazakhstan suggests in the new Tax Code establishing the rate of mineral resources extraction tax, including gas condensate, by ascending scale, taking into account volumes of extracted stocks proceeding from world price. The documents widespread at the session of the round table on the Main directions of reforming taxation state, the agency reports. "Lower tax rates will be established for unprofitable, high-viscous, watered, low-yield and developed deposits," the document informs. The list of such deposits has been suggested to be defined by the governmental order of Kazakhstan. According to the documents, tax rate on natural gas, including gaseous hydrocarbons extracted along with liquid hydrocarbons, has been suggested to be established at the rate of 15 %. Tax rates on firm minerals will be established differentially, proceeding from world prices at the size compensating reduction of the rate of corporate income tax in the new Tax Code and providing subsoil users a comprehensible level of profitability.

Resourse: Kazakhstan Today

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