Tax Code draft - Kazakhstan changes tax rates on oil export in 2009

/REUTERS, Almaty, September 5, 08/ - Kazakhstan, intending to make effective new Tax Code beginning January 1, 2009, wants to change the mechanism for calculating tax on oil and gas condensate export, is said in the draft, published on the website of the Ministry of Economy (www.minplan.kz). According to the document, the Government wants to reduce to 32 % from 33 % ceiling rate of rental tax on export of oil and gas condensate. According to the draft, it will become effective when the price of oil exceeds $200 per barrel against the current $40, but the previous threshold - a price range from $190 to $200 - will also be subject to the maximum rate, is said in the draft of Tax Code. At the same time the maximum tax rate is increasing up to 7 % from the current 1 %, as well as a tax base, calculated from world oil price: it will grow to $50 from $19. [2008-09-05]