Kazakhstan to revise excise rates on petroleum, oil and lubricants

Kazakhstan will not set high prices for petroleum, oil and lubricants (POL). The excise tax rates on POL will be revised for this, margin will be also limited, reported Kazakh Finance Minister Yerulan Zhamaubayev at the Government’s meeting. He listed measures to fulfill the instructions of Kazakh President.

“Mechanisms are currently being worked out to increase revenues from subsoil users in the mining and metallurgical complex for additional incomes to the budget. The excise rates on POL will be revised, margin price will be limited. This will allow suppliers to bring additional income to the budget. The requirement for authorized economic operators will be strengthened as part of improving customs administration. They will be connected to the “Horizontal monitoring” system in order to get an online access to their accounting systems,” said Yerulan Zhamaubayev, Kazakh Finance Minister.

Measures will be also taken to increase accountability for all violations in the customs field, the minister highlighted. According to him, the department, together with interested government agencies will conduct a comprehensive audit to ensure order at the customs border soon.

Translation by Saniya Sakenova

Editing by Saule Mukhamejanova