Uranium Mining Tax in Kazakhstan to Change Starting in 2025
As per the amendments to the Tax Code, the upcoming changes in the mineral extraction tax rate (MET) in Kazakhstan will affect uranium mining. The tax, which currently stands at a fixed six percent, will see a variation from 4 to 18%, as reported by Orda.kz.
According to JSC Kazatomprom, on July 1, the government of Kazakhstan amended the Tax Code concerning the calculation of the uranium extraction tax. Currently, the mineral extraction tax on uranium is fixed at six percent. Starting January 1, 2025, the tax rate will be increased to nine percent, but it will only be in effect for a year.
Starting in 2026, the mineral extraction tax on uranium will undergo a significant change. The tax rate will be differentiated depending on the volume of annual production under each subsoil use contract. For production below 500 tons, the tax will be four percent, 500 to 1,000—six percent, 1,000 to 2,000—nine percent, 2,000 to 3,000 - 12%, and 3,000 to 4,000 - 15%. Production above 4,000 tons per year will be taxed at 18%.
The above changes to the Tax Code will come into force on January 1, 2025, and will not affect the company’s expectations regarding taxes for 2024, Kazatomprom emphasized.
In June, reports surfaced that one of the largest uranium deposits in the country would begin to be developed in the Turkestan region.
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