energy
Kazakhstan hits PetroKazakhstan with $470 million excess profit tax
Kazakhstan’s Tax Committee announced that PetroKazakhstan, a joint venture between Chinese CNPC and Kazakh KazMunaiGas, will have to pay 56.3 billion tenge ($470 million) in excess profit back tax.
Nurlan Rakhmetov, the head of the Tax Committee, claimed that the company underpaid the excess profit tax between 1996 and 2005. The back tax claim, originally announced in April, was challenged by the company but the Supreme Court ruled to uphold that decision.
“Of course, PetroKazakhstan may appeal the decision to the Supreme Court but the court ruling has come into force and the tax authorities will start to collect the tax for the budget,” Rakhmetov said.
“This is the largest tax claim ever supported by a court,” he further told reporters.
According to Rakhmetov, though the oil prices are high “the revenues from the excess profit tax paid by the oil companies are not adequate to these prices.”
PetroKazakhstan has not commented on the Supreme Court decision.
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