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Meeting of the Coordinating Council for Financial and Economic Affairs

On February 13, 2020, the first meeting of the Coordinating Council for Financial and Economic Affairs (hereinafter – the Council) was held and chaired by General Director B. U. Akchulakov.

The meeting was attended by representatives of state bodies:
  1. Specialized Department of the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan, Tax and Customs Policy Department of the Ministry of National Economy of the Republic of Kazakhstan and the Ministry of Energy of the Republic of Kazakhstan;
  2. member companies of the Association: JSC NC KazMunayGas, CNPC-Aktobemunaigas JSC, Ozenmunaigas JSC, LUKOIL Kazakhstan Upstream LLP, PetroKazakhstan Inc., CNPC International in Kazakhstan Ltd., CNPC Caspian branch, PwC Kazakhstan, Olympex Advisers LLP, Ernst & Young Kazakhstan LLP.

The following issues were considered on the agenda:
  1. Amendments to the tax legislation regarding the revision of the procedure for taxation of activities provided for in article 108 of the Code on Subsoil and Subsoil Use (trust management of a subsoil plot when the subsoil use right is terminated);
  2. The problem associated with the application of a reduction factor of 0.5 to the MET rate set by the Decree of the Government of the Republic of Kazakhsatn for fields included in the list of “low-profit” when selling oil to the domestic market;
  3. Taxation issues in case of technologically unavoidable gas flaring;
  4. Consideration of the issue of including losses incurred by the subsoil user for previous tax periods under the subsoil use contract in the calculation of the sales tax;
  5. Application of MET rates for underground water extraction for subsurface users of the oil and gas industry;
  6. Problematic issues related to the use of the exchange rate when calculating and paying the subscription bonus and payment for historical expenses.

During the meeting, the problematic issues of subsoil users within the agenda were announced.
A Protocol will be prepared based on the results of the meeting and the decisions taken.

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