mineral resources

Kazakhstan to raise mineral extraction tax

By SRI ⋅ December 10, 2009 ⋅  Email This Post ⋅  Print This Post ⋅ Post a comment

(SRI) - Kazakhstan will raise the mineral extraction tax when metals prices return to previous high levels, Prime Minister Karim Masimov said Thursday.

“The resources belong to the people of Kazakhstan. During the crisis, […] the taxes were lowered [and] steps were taken to take off some pressure. During peak prices, the government will take its share of the [companies’ profits] by increasing mineral resources taxation,” Masimov said at a mining conference.

According to Masimov, commodity prices will resume their climb by 2011-2012, while 2010 will likely be “a little stormy.”

Tags: tax code

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