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Lowered rate of taxation for mining enterprises to be introduced in Kazakhstan

Astana. January 29. Kazakhstan Today - The Minister of Finance of Kazakhstan, Bolat Zhamishev, at the expanded session of the Ministry of Finance on Wednesday said the lowered rate of taxation will be introduced for the mining enterprises under the condition that the companies do not lay off their employees, the agency reports. "The tax on extraction of minerals is an innovation for Kazakhstan and the new Tax Code assumes reasonably low system of rates of extraction of minerals. It provides a possibility of introduction of the decreased rate for low profitable deposits," B. Zhamishev said. "The government has been considering approaches on decrease of the rates of tax on extraction of minerals in the mining industry and the decision on establishment of the lowered rates has been prepared," the Minister Finance informed. He also emphasized that the condition for decrease of these rates is not laying off of the employees, who, in the opinion of employers, are not in demand." According to the Finance Minister, such measure will impact the revenue of the budget and will promote stabilization of the enterprises of the mining industry.

Resourse: Kazakhstan Today

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