Tax on oil to range from 5 % to 18 % in Kazakhstan

Nov 28, 2008 01:00 AM

The new Tax Code which was approved by the Kazakh parliament sets new tax rates for oil production, ranging between 5 % and 18 % in 2009 and 6 % and 19 % in 2010.
The new tax rates will be introduced on January 1, 2009 with the following structure: 5 % if the annual production is up to 250,000 tons; 7 % for up to 500,000 tons; 8 % for up to 1 mm tons; 9 % for up to 2 mm tons; 10 % for up to 3 mm tons; 11 % for up to 4 mm tons; 12 % for up to 5 mm tons; 13 % for up to 7 mm tons; 15 % for up to 10 mm tons; and 18 % for production over 10 mm tpy.

On January 1, 2010, those rates will rise by 1 %.
To bolster the domestic market for refined products, the tax rates will be halved for crude oil and gas condensate sold on the domestic market.

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