BAKU, Azerbaijan, June 6. A number of measures to improve contracts for subsoil use have been developed by the Ministry of Energy of Kazakhstan, Minister Bolat Akchulakov said at the government meeting in the Mazhilis [lower house of the parliament], Trend reports.
“The ministry is carrying out comprehensive work to stimulate the expansion of the resource base by providing fiscal preferences for new gas projects. According to the presidential instructions, within the joint work on the development of an improved model contract for subsoil use regulatory and fiscal preferences with the Council of Foreign Investors have been worked out for gas projects in the form of tax exemptions,” Akchulakov noted.
“The exemptions include abolition of corporate income tax and export customs duty for 10 years from the date of commencement of production, as well as the granting of the right to switch to an alternative tax,” he said.
“These measures will enable to increase the resource base of commercial gas by additional 6.7 billion cubic meters by 2030,” the minister said.