On October 15, a meeting of the Coordinating Council for Financial and Economic Issues was held, which was attended by representatives of the Ministry of National Economy of the Republic of Kazakhstan, the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan, the Ministry of Energy of the Republic of Kazakhstan, Argus, Thomson Reuters information sources, Euro-Asian Oil, Vitol Group of Companies traders of Kazakhstan oil, Member companies of the Association, etc.
The following issues were considered on the agenda:
- Current status of work on amendments and additions to the Tax Code of the Republic of Kazakhstan;
- Progress of work on improving the legislation on natural monopolies;
- Shipment of substandard oil through the port of Ust-Luga and its consequences for shippers, compensation of losses, issues of taxation and application of transfer pricing.
During the meeting, it was announced about the current work on amendments and additions to the Tax Code. What work was carried out this year and what amendments were included in the draft LRK “On amendments and additions to some legislative acts of the Republic of Kazakhstan on taxation and improvement of the investment climate”. Also, the Ministry of National Economy of Kazakhstan announced the schedule of coordination of the draft Law with the Office of the Prime Minister of Kazakhstan and its submission to the Mazhilis.
As part of this issue, problematic issues were raised by the companies of JSC NC KazMunayGas, in terms of the conflict of environmental and customs legislation on waste disposal; Mangistaumunaigas JSC – to reduce the tax burden by increasing oil supplies to the domestic market.
The second question was voiced about the progress of the Association to improve the legislation on natural monopolies.
The main issue of the meeting was the discussion of subsoil users, traders of Kazakh oil and sources of information with the State Revenue Committee of the MF RK, shipments of substandard oil through the port of Ust-Luga and its consequences for shippers, compensation for losses, taxation and transfer pricing.
