Kazakh government adopts new oil customs export duties

Jul 17, 2010 02:00 AM

The Kazakhstan government has adopted a resolution to introduce a customs export duty on crude and increase customs export duties on oil products, Kazakhstan Economic Development Minister Marat Kusainov said.
According to the document, the duty on light products will be $ 99.71 per ton, and on heavy products, $ 66.47 per ton. The duty on crude exports will be $ 20 per ton.

Kazakhstan Finance Minister Bolat Zhamishev explained that the duty on crude will be introduced for all exporters except those which have PSA contracts "envisioning stability in this regard".
He said, "This resolution will significantly narrow the range of exclusions from the general rules for those who were not payers -- this is the beginning of the work requested by the head of state: so that all our subsoil users adhere to current legislation".

According to calculations by the Finance Ministry, introducing the export duties will increase revenue to the treasury by $ 400 mm this year alone.

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