Kazakhstan to cut minerals production tax

Business Materials 23 February 2009 13:58 (UTC +04:00)

Kazakhstan, Astana, Feb. 23 / Trend , K.Konirova/

Kazakhstan intends to cut the minerals production tax for oil-producing companies, Kazakh Energy and Natural Resources Minister Sauat Minbayev said on Feb. 23.

"We must pass a decision to cut the minerals production tax," Minbayev said in a speech at the parliament.

The minerals production tax was applied when Kazakhstan's new Tax Code was implemented. However, the legislation was based on an oil price of at least $60 per barrel.

"The oil prices are $40 and lower at the moment and we must cut the tax appropriately," Minbayev said.

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