Kazakhstan to impose alternative gas production tax

NUR-SULTAN. KAZINFORM The Kazakh Energy Ministry developed a package of measures to improve subsoil use contracts, Kazinform reports.

«The Ministry works to promote the expansion of the mineral resources potential through fiscal preferences for new gas projects,» Kazakh Energy Minister Bolat Akchulakov said at today’s Government Hour at the Majilis.

Pursuant to the President’s task the Ministry jointly with the Council of Foreign Investors worked on the development of the improved model subsoil use contract and discussed regulatory and fiscal preferences for gas projects as exemption from taxes: abolition of corporate income tax for 10 years since the start of production, abolition of export customs duty rate for 10 years since the start of production and granting of the right to transfer to the alternative tax.

The Minister resumed the above-mentioned measures will let increase the commercial gas resource portfolio by 6.7 bln cu km by 2030.

Currently reading