Kazakhstan intends to change oil export tax from 2009

 

A new Tax Code will impose oil export tax ranging between 7% and 32% when world oil prices are above $40 per barrel from 2009.

 

The tax will be set at:

 

7% – when the oil price is between $40 and $50 per barrel;

 

11% – over $50 to $60;

 

14% – over $60 to $70;

 

16% – over $70 to $80;

 

17% – over $80 to $90;

 

19% – over $90 to $100;

 

21% – over $100 to $110;

 

22% – over $110 to $120;

 

23% – over $120 to $130;

 

25% – over $130 to $140;

 

26% – over $140 to $150;

 

27% – over $150 to $160;

 

29% – over $160 to $170;

 

30% – over $170 to $180;

 

31% – over $180 to $190;

 

32% – over $190.

 

The tax will not applied to oil companies that operate under production sharing agreements signed before 1 January 2009 and contracts that are endorsed by the country’s parliament.