Kazakhstan to shift to floating ECD rate

13:59, 15 February 2016

ASTANA. KAZINFORM Since March 1, 2016 Kazakhstan will shift to floating rate of export customs duties, Kazinform quotes Minister of National Economy Erbolat Dossayev as saying at the Government's sitting today.

“In order to support oil and gas sector and ore-miming industry, we plan to introduce tax preferences for the extraction of minerals and shift to floating ECD rate pegged to the global price since March 1, 2016. Export customs duties on fuel oil have been reduced to 30 U.S. dollars per tonne to ensure financial stability of the sector,” he added.

The Minister explained that if world prices for oil slide below 25 dollars per barrel, the ECD will equal zero. If oil prices exceed 25 dollars per barrel, the ECD rate will be determined in accordance with a special scale approved. Thus, with the increase of global oil prices, the ECD rate will rise too,” said he.

Also, according to the Minister, it is proposed to establish validity period of seasonal fuel oil duties at 15 euro per tonne from 1 May to 1 September.

Oil and Gas News Ministry of National Economy Oil & Gas Other Governmental Authorities

Темиргалиева Арайлым

Автор