Taxes for subsoil users at the finish, but not at the start
The Ministry of National Economy discusses taxation for subsoil users with falling oil production
There is a possibility that the tax regime for companies in the oil sphere will undergo changes, the new rules will be included in the combined Tax and Customs Code. "The current tax regime for subsoil users - in the changed circumstances, we are all aware that today's economy has changed in the oil industry, the long-term level of oil prices is hard to predict. But the general expectation is that prices are unlikely to return in the next five to seven years, at the level at which they have been", - said the Minister of National Economy Kuandik Bishimbayev during the tax conference in Astana.
Developing the theme, the Minister said that "we are entering a phase of a new reality with completely changed expectations, revenues, taxes to be paid to the National Fund from the oil sector and subsoil sector". In addition, Kuandik Bishimbayev added, "there are deposits, where production grows and there are deposits, where production falls". To support production at a certain level, "you must definitely invest".
"The current price level with the current taxes does not allow them to do it now", - stated the Minister of National Economy.
"The first thing we want to discuss today: is how to support oil-producing enterprise with declining production, how to provide them with additional resources, without losing current income. One of our main principles here is not to break the already existing revenue base, but give them a sufficient incentive", - said the Minister.
Speaking of which, Kuandik Bishimbayev said: "there are such successful examples in the world, but it is premature to talk about it".
"I'll tell you the main principle that we follow: to attract new investments in the development of new fields, it is necessary to move away from a fixed income tax - MET, to the taxation of the financial result, which is calculated from the net profit", - said the Minister.
The Minister of National Economy said that "we will implement this principle in a precise and flexible manner after discussion with all the interested state bodies".
"What do we want to do with this? Trough this we want to put into circulation and to attract more investments in this period of reduced economic growth, so that this economic lever allows to ensure GDP growth in the next five to seven years, create employment and increase the tax base", - concluded Kuandik Bishimbayev.
Zhanar Serdalina
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