Name: Kazakhstan's new Tax and Subsoil Use Codes: a brighter future?
Brand: Wood Mackenzie
SKU: 83233
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Author: Wood Mackenzie

Insight 27 February 2018

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            <h3 class="mega store_featured_content_extrabold store_font_black">Report summary</h3>
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Kazakhstan has introduced its most significant tax and regulatory reforms for oil and gas since 2009-10. A new Tax Code took effect from January 2018 and a new Subsoil Use Code will follow from late June. The attention-grabbing change is a shift away from revenue-based tax terms for Kazakh oil and gas. A largely profit-based fiscal system is now available for offshore and deep onshore developments under the concession regime. There are no new tax breaks for mature fields. We evaluate five key questions surrounding the reforms, which will help shape the long-term outlook for the Kazakh upstream sector.</div>
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                    <h3 class="alpha push-half--bottom">Table of contents</h3>

<li class="list__item-toggle">
        <a href="#336235c0-b186-4586-bdc1-c894cb17a63a" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="336235c0-b186-4586-bdc1-c894cb17a63a" aria-expanded="false">
            What are the changes?
        </a>
        <ul id="336235c0-b186-4586-bdc1-c894cb17a63a" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Tax Code introduces new profit-based terms
    </li>
    <li class="push-quarter--bottom">
        But some fiscal issues are largely unaddressed
    </li>
    <li class="push-quarter--bottom">
        Subsoil Use Code optimises legislation
    </li>

</ul>
    </li>

<li class="list__item-toggle font-semibold">
        Why did Kazakhstan need to improve its terms?
    </li>

<li class="list__item-toggle">
        <a href="#7dd78cdb-188b-407d-9f52-d6d00d6341bc" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="7dd78cdb-188b-407d-9f52-d6d00d6341bc" aria-expanded="false">
            What is the economic impact of fiscal changes?
        </a>
        <ul id="7dd78cdb-188b-407d-9f52-d6d00d6341bc" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Alternative subsoil tax improves the commercial proposition for offshore and deep onshore projects
    </li>

</ul>
    </li>

<li class="list__item-toggle">
        <a href="#27d397a5-059a-4fc1-aa61-b235c8a95495" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="27d397a5-059a-4fc1-aa61-b235c8a95495" aria-expanded="false">
            How competitive can Kazakhstan become?
        </a>
        <ul id="27d397a5-059a-4fc1-aa61-b235c8a95495" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Pre-tax economics must improve
    </li>
    <li class="push-quarter--bottom">
        AST reduces government share to competitive level
    </li>
    <li class="push-quarter--bottom">
        Kazakhstan joins debate on fiscal 'fair share'
    </li>

</ul>
    </li>

<li class="list__item-toggle font-semibold">
        What else should Kazakhstan do?
    </li>

<li class="list__item-toggle font-semibold">
        Appendix
    </li>

</ul>

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<h3 class="alpha push-half--bottom">Tables and charts</h3>

<p class="push-half--bottom">This report includes the following images and tables:</p>

<ul class="list list--bullets">
         <li class="list__item push-quarter--bottom">Kazakhstan oil and condensate production, 2010-35</li><li class="list__item push-quarter--bottom">Kazakhstan onshore E&A drilling, 2010-18</li><li class="list__item push-quarter--bottom">Kazakhstan offshore E&A drilling, 2000-17</li>
     </ul>
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            View more tables and charts in this report
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        <ul class="list list--bullets panel-toggle" id="743f47089ca84090a5dcbe25eebb5b1b">
            <li class="list__item push-quarter--bottom">Overview: alternative subsoil tax and standard concession terms</li><li class="list__item push-quarter--bottom">Kazakhstan's new Tax Code: key changes for oil and gas</li><li class="list__item push-quarter--bottom">Kazakhstan's new Subsoil Use Code: key changes for oil and gas</li><li class="list__item push-quarter--bottom">Model field economics (NPV10): deep onshore</li><li class="list__item push-quarter--bottom">Model field economics (NPV10): offshore (shelf)</li><li class="list__item push-quarter--bottom">Model field economics (NPV15): deep onshore</li><li class="list__item push-quarter--bottom">Model field economics (NPV15): offshore (shelf)</li><li class="list__item push-quarter--bottom">Deep onshore field: standard terms</li><li class="list__item push-quarter--bottom">Deep onshore field: AST terms</li>
                <li>4 more item(s)...</li>
        </ul>
        
    </div>

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<h3 class="alpha push-half--bottom ">What's included</h3>
<p class="push-half--bottom ">This report contains:</p>
<ul class="list"><li class="list__item-icon push-half--bottom"><svg class="list__image-icon" width="13.9" height="17.2" viewBox="0 0 13.9 17.2"><title>Document</title><g fill="#232323"><path d="M13.8 3.5L10.3.2c-.1-.2-.2-.2-.3-.2H1.5C.7 0 0 .7 0 1.5v14.2c0 .8.7 1.5 1.5 1.5h10.9c.8 0 1.5-.7 1.5-1.6V3.8c0-.1 0-.2-.1-.3zm-3.4-1.8l1.7 1.6h-1.7V1.7zm2 14.4H1.5c-.2 0-.5-.2-.5-.5V1.5c0-.2.3-.5.5-.5h7.8v2.9c0 .2.2.5.5.5h3.1v11.3c0 .2-.2.4-.5.4z"></path><path d="M11.1 6.3H3.7c-.2 0-.5.2-.5.5s.2.5.5.5H11c.3 0 .6-.2.6-.5s-.3-.5-.5-.5zM11.1 12.6H3.7c-.2 0-.5.2-.5.5 0 .2.2.5.5.5H11c.3 0 .6-.2.6-.5-.1-.3-.3-.5-.5-.5zM3.7 10.4H11c.3 0 .6-.2.5-.5 0-.2-.2-.5-.5-.5H3.6c-.2 0-.5.2-.5.5 0 .2.2.5.6.5z"></path></g></svg>
<p class="font-regular" >Appendix_Kazakhstan's new tax and subsoil use codes_a brighter future.xlsx</p>
<p class="uppercase delta">
    <span>XLSX</span>
    <span>147.18 KB</span>
</p>
</li><li class="list__item-icon push-half--bottom"><svg class="list__image-icon" width="13.9" height="17.2" viewBox="0 0 13.9 17.2"><title>Document</title><g fill="#232323"><path d="M13.8 3.5L10.3.2c-.1-.2-.2-.2-.3-.2H1.5C.7 0 0 .7 0 1.5v14.2c0 .8.7 1.5 1.5 1.5h10.9c.8 0 1.5-.7 1.5-1.6V3.8c0-.1 0-.2-.1-.3zm-3.4-1.8l1.7 1.6h-1.7V1.7zm2 14.4H1.5c-.2 0-.5-.2-.5-.5V1.5c0-.2.3-.5.5-.5h7.8v2.9c0 .2.2.5.5.5h3.1v11.3c0 .2-.2.4-.5.4z"></path><path d="M11.1 6.3H3.7c-.2 0-.5.2-.5.5s.2.5.5.5H11c.3 0 .6-.2.6-.5s-.3-.5-.5-.5zM11.1 12.6H3.7c-.2 0-.5.2-.5.5 0 .2.2.5.5.5H11c.3 0 .6-.2.6-.5-.1-.3-.3-.5-.5-.5zM3.7 10.4H11c.3 0 .6-.2.5-.5 0-.2-.2-.5-.5-.5H3.6c-.2 0-.5.2-.5.5 0 .2.2.5.6.5z"></path></g></svg>
<p class="font-regular" >Kazakhstan's new Tax and Subsoil Use Codes: a brighter future?</p>
<p class="uppercase delta">
    <span>PDF</span>
    <span>1.35 MB</span>
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