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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Estados Unidos |
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US |
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Bibliográfico |
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dig-okr |
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biblioteca |
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America del Norte |
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Biblioteca del Banco Mundial |
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en_US |
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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 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 |
| spellingShingle |
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 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 Ostensson, Olle Parsons, Bob Dodd, Samantha Comparative Study of the Mining Tax Regime for Mineral Exploitation in Kazakhstan |
| description |
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. |
| format |
Economic & Sector Work |
| topic_facet |
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 |
| author |
Ostensson, Olle Parsons, Bob Dodd, Samantha |
| author_facet |
Ostensson, Olle Parsons, Bob Dodd, Samantha |
| author_sort |
Ostensson, Olle |
| title |
Comparative Study of the Mining Tax Regime for Mineral Exploitation in Kazakhstan |
| title_short |
Comparative Study of the Mining Tax Regime for Mineral Exploitation in Kazakhstan |
| title_full |
Comparative Study of the Mining Tax Regime for Mineral Exploitation in Kazakhstan |
| title_fullStr |
Comparative Study of the Mining Tax Regime for Mineral Exploitation in Kazakhstan |
| title_full_unstemmed |
Comparative Study of the Mining Tax Regime for Mineral Exploitation in Kazakhstan |
| title_sort |
comparative study of the mining tax regime for mineral exploitation in kazakhstan |
| publisher |
World Bank, Washington, DC |
| publishDate |
2014-06-17 |
| url |
http://hdl.handle.net/10986/21587 |
| work_keys_str_mv |
AT ostenssonolle comparativestudyoftheminingtaxregimeformineralexploitationinkazakhstan AT parsonsbob comparativestudyoftheminingtaxregimeformineralexploitationinkazakhstan AT doddsamantha comparativestudyoftheminingtaxregimeformineralexploitationinkazakhstan |
| _version_ |
1756573954851471360 |
| spelling |
dig-okr-10986215872021-04-23T14:04:03Z Comparative Study of the Mining Tax Regime for Mineral Exploitation in Kazakhstan Ostensson, Olle Parsons, Bob Dodd, Samantha 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 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. 2015-03-11T19:13:31Z 2015-03-11T19:13:31Z 2014-06-17 http://hdl.handle.net/10986/21587 en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank, Washington, DC Economic & Sector Work Economic & Sector Work :: Mining/Oil and Gas Europe and Central Asia Kazakhstan |