Kazakhstan proposes to deduct expenses for unsuccessful geological exploration for tax purposes

31/10/2023

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It was proposed by the First Deputy Executive Director of the Republican Association of Mining and Metallurgical Enterprises (AGMP) Maxim Kononov to deduct the costs of unsuccessful geological exploration in Kazakhstan from the income of the taxpayer company.

“We propose to introduce a procedure where, in the event of termination of an exploration contract in which there is no commercial discovery, exploration costs would be deducted from the taxpayer’s total income in the tax period when the exploration contract was terminated,” Kononov said, speaking at the government hour in Senate on Friday.

According to him, there are a number of problems in the field of geological exploration, including those related to taxation.

Source and Credit: agmpnews.kz

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