Comparative Study of the Mining Tax Regime for Mineral Exploitation in Kazakhstan

Kazakhstan is rich in both minerals and hydrocarbons. While the hydrocarbons sector is relatively successful, the minerals sector has failed to achieve its potential. Despite large mineral reserves, very little investment has gone into the development of new mining projects and few foreign investors have been willing to invest in the sector. Almost all mines currently operating in Kazakhstan were already in operation in the 1990s, leaving a two decade gap in new mine development. Mining policy in Kazakhstan does not prioritize only revenue generation but aims at promoting employment, skills development and economic diversification. In order to achieve these goals Kazakhstan will have to attract foreign investment into the sector. There are several elements to the current mineral legislation and fiscal regime that are unusual in an international context and act as a deterrent to foreign investment. This report carries out a comparative analysis of Kazakhstan's mineral regime and makes recommendations on changes that could be made to the existing regime to bring it in line with international good practice. Kazakhstan's fiscal regime is compared to twelve other countries and to global trends in mineral regimes.

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Bibliographic Details
Main Authors: Ostensson, Olle, Parsons, Bob, Dodd, Samantha
Format: Economic & Sector Work biblioteca
Language:en_US
Published: World Bank, Washington, DC 2014-06-17
Subjects:access to information, accounting, adverse consequences, amortization, auction, auction system, auctions, audits, bank financing, benchmark, beneficiaries, bids, business development, business environment, capital investment, capital investments, capital outlay, capitalization, cash flow, central planning, coal, commercial contracts, commodities, commodity, commodity price, commodity prices, comparative analysis, competitiveness, conflicts of interest, copper, corporate income tax, corporate profits, Corporate social responsibility, country risk, current account balance, Customs Union, deposit, deposits, devaluation, developing countries, economic development, economic reform, Economic Research, equipment, Excess profits, excess profits tax, Excess profits taxes, expenditures, exploration and mining, exploration and mining licenses, export tax, export taxes, exports, exposure, finances, financial statement, financial statements, fiscal policy, foreign companies, foreign exchange, foreign investment, foreign investors, fraud, gas, GDP, geological information, global market, gold, government debt, government funds, government policies, government policy, government revenue, government revenues, government support, holding, holding company, home countries, host country, human development, income, income tax, income taxes, industrialization, infrastructure investments, intellectual property, interest payments, interest rates, internal rate of return, Internal Rates of Return, international best practice, international reserves, international trade, investment decision, iron, iron ore, jurisdiction, jurisdictions, Large mining, legislative framework, lender, lenders, level playing field, levies, liability, liberalization, Life expectancy, local business, local economy, local government, loss of confidence, macroeconomic stability, market penetration, mine development, Mineral Development, mineral exploitation, mineral investment, mineral legislation, mineral production, mineral reserves, mineral resources, mineral rights, Mineral royalties, mineral sector, minerals, minerals sector, mines, mining companies, mining company, mining equipment, mining industries, mining industry, mining law, mining legislation, Mining policy, mining project, mining projects, mining sector, mining tax regime, mining tax system, National Bank, national mining, natural resources, oil, output, outputs, outsourcing, ownership interest, partial privatization, petroleum taxation, potential investors, precious metals, price fluctuations, private investment, privatization, production costs, profit margins, property rights, rapid economic growth, rate of growth, rate of return, rate of return for investors, refining, regulatory framework, regulatory regimes, remote areas, remote locations, reserve, reserves, resource rents, return, Returns, revenue streams, risk capital, shareholders, smelter, social developments, social investment, social investments, solid minerals, state-owned mines, Stock Exchange, Stock Exchanges, subsidized housing, subsoil law, surrounding communities, tax, tax administration, tax audits, Tax avoidance, tax benefit, tax benefits, Tax Code, tax codes, tax collections, tax deductions, tax evasion, Tax exemptions, Tax incentives, tax increases, tax law, tax laws, tax legislation, tax liabilities, tax liability, tax policy, tax provisions, tax rate, tax rates, tax regime, tax regimes, tax revenue, tax revenues, tax rules, tax system, Tax Treatment, taxable income, taxation, taxation rates, technological change, third party transactions, track record, trade policy, Trading, transition economies, Transparency, Transparency Initiative, turnover, uranium, Value added, Value added tax, wages, withholding tax, withholding taxes, WTO, zinc,
Online Access:http://hdl.handle.net/10986/21587
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