Government suggests establishing tax on minerals by progressive scale
Astana. June 19. Kazakhstan Today - Kazakhstan government suggests establishing tax on extraction of mineral by progressive scale. The materials distributed to journalists before the beginning of the round table - Main Directions of Tax Reform informed. "Tax on minerals is paid on each kind of minerals extracted on the territory of Kazakhstan, balance stocks of which have been established by the state body representatives," the document states. "The object of taxation on minerals - volume of extracted hydrocarbons and minerals containing in ore (concentrate, solution)," the document informs. "Tax rates will be established after defining size of reduction of corporate income tax in the new Tax Code. Taking into account the change of total tax load, providing for subsoil users comprehensible level of profitability (not below 10 %)," the materials inform. Thus, according to the document, oil tax rates, including gas condensate, will be established by progressive scale taking into account volume of extracted reserves proceeding from the world price.
Resourse: Kazakhstan Today