New Tax Code to increase investment attractiveness of geological exploration in Kazakhstan

12 September 2017, 14:50
Фото: PrimeMinister.kz

Nearly 7 billion tenge of investments will be raised for geological explorations until 2030. This was reported by Minister of National Economy Timur Suleimenov and Minister of Finance Bakhyt Sultanov during the press conference following the meeting of the Government.

Thus, according to Timur Suleimenov, in order to stimulate geological exploration, a range of taxes will be combined.

“We have significant fields, which require considerable expenditures and to the moment they are not attractive for investors. For them it is being offered to combine a number of mining taxes in one alternative mining tax,” the Minister of Economy informed.

Meanwhile, the tax will remain the same in terms of the fiscal burden. It is being planned to reform it, which will significantly simplify the work on attracting investments to such fields.

“We aren’t changing the rates, we are changing the paradigm of the relationships between the tax system and taxpayers. After all, the foundation of the renewed Code is the principle of voluntariness, transparency and partnership,” – the Minister of Finance added.

According to him, it is expected that additional investments in amount of 7 billion tenge will be attracted until 2030 at the expense of the synchronization of additional tax measures for subsoil use and synchronization with the draft of the new Code on Subsoil Use.