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Tax on extraction of crude oil to be raised from 5% up to 18 %

Astana. November 28. Kazakhstan Today - The tax on extraction of mineral resources, crude oil, including gas condensate, according to the new Tax Code of Kazakhstan will be raised from 5 up to 18 %, the agency reports with reference to the text of the bill. According to the text of the new Tax Code accepted by Parliament on Wednesday, November 26, rates of the tax on extraction of crude oil since January 1st, 2009 will be at the level of 5 % at annual extraction of up to 250 thousand tons, at the level of 7 % at volume of up to 500 thousand tons, 8 % - up to 1 million tons, 9 % - up to 2 million tons, 10 % - up to 3 million tons, 11 % - up to 4 million tons, 12 % - up to 5 million tons, 13 % - up to 7 million tons, 15 % - up to 10 million tons and 18 % - at extraction from above 10 million tons. Since January 1st, 2010 the rate of mineral resources extraction tax on each of the specified volumes will increase by 1 %. The scale will change from 6 up to 19 % according to the specified volumes of extraction.


Resourse: Kazakhstan Today







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