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Kazakhstan may lift moratorium on issuance of licenses for subsoil use

Business Materials 28 November 2012 12:17 (UTC +04:00)

Kazakhstan, Astana, Nov.28 /Trend, D.Muktarov /

Kazakhstan may lift moratorium on issuance of licenses for subsoil use, Kazakh President Nursultan Nazarbayev said on Wednesday.

"Regions should be interested in attracting investments. I think that the government should lift the moratorium on subsoil use and licenses should be issued on some types of subsoil," Nazarbayev said addressing at a meeting with the governors in the Akorda.

He said that investments attracted into a particular field should partially remain in the region's budget.

It should be recalled that the moratorium on the issuance of licenses for subsoil use was introduced in 2008, when the government began to develop a new tax law, which envisages refusal from such a form of contract, as a production sharing agreement. New Tax Code, which envisages renouncing contract stability and toughening taxes on the mining sector, came into force on Jan. 1, 2009.

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