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Kazakhstan likely to increase extraction taxes

25 May 2022 12:30

NUR-SULTAN. KAZINFORM Kazakhstan intends to increase taxes on the extraction of commercial minerals, Kazinform reports.

At today’s plenary session of the Majilis presented were the draft law «On taxes and other obligatory payments to the budget» and the enactment of the Code of Kazakhstan «On taxes and other obligatory payments to the budget» (The Tax Code).

National Economy Minister Alibek Kuantyrov submitted for consideration the draft law on amendments to the Tax Code. The draft law was developed pursuant to the task of the Head of State and to solve taxation pressing issues of the Government.

The Minister added that the solid minerals price movement was analyzed. Between 2018 and 2022 metals traded on the exchange grew by 40% and more, metals non traded on the exchange (iron ore, chromium ore, manganese, etc.) showed growth on an average from 20 to 40%. To this end, the draft law suggests increasing extraction taxes on metals traded on the exchange by 50%, and the rest of solid minerals by 30%.


Zhanna Nurmaganbetova

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