JSC Ozenmunaigas has received approval of its application for a temporary reduced rate of Mineral Extraction Tax
OREANDA-NEWS. KazMunaiGas Exploration Production (Astana), whose shares are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following press release dated September 16, 2016:
"JSC KazMunaiGas Exploration Production (“KMG EP” or the “Company”) is pleased to announce that JSC Ozenmunaigas (“OMG”), a subsidiary of KMG EP, has received approval of its application for a temporary reduced rate of Mineral Extraction Tax (“MET”) for the Uzen and Karamandybas fields in Mangystau oblast. The reduced MET rate is set at 9.0% (compared to 13.0% in 2015) for the whole of 2016 on the condition that in 2016 Uzen and Karamandybas fields record losses under tax accounting. The maximum benefit available is expected to be approximately 17 billion Tenge in 2016, which may ultimately be reduced in accordance with current legislation should the fields have taxable profit for 2016".