mineral resources
Kazakhstan outlines its tax overhaul plans for oil and metals sectors
The government of Kazakhstan has outlined its tax plans for key oil and metals sectors but did not say what the new tax rates would be.
Kazakhstan said earlier this year it wanted to raise taxes for the booming energy and metals industries while lowering the corporate income tax rate to stimulate other sectors.
The government`s proposals, announced at a conference, include abandoning production sharing agreements for new oil contracts and introducing a minerals extraction tax to replace royalty payments.
“The rates of the minerals extraction tax for oil and gas condensate will be set on a progressive scale depending on the recoverable reserves, output and the world price,” the government said in a statement.
(Mining Journal Online)
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