Strategy session 6 – Tax, Royalties, Contracts: Rethinking Mining Economics in Kazakhstan 2026
Format: Presentations and panel discussion
Under the 2026 Tax Code and parallel amendments to the Subsoil and Subsoil Use Code, subsoil use contracts in Kazakhstan are being reshaped to tighten state control over strategic resources, formalise “strategic investor” status, and link fiscal terms more closely to investment and processing obligations. Simultaneously Kazakhstan is overhauling mining taxation with a shift from Mineral Extraction Tax to a royalty‑based model, wider incentives for domestic processing, and clarified rules for exploration and subsoil‑use costs. This session will unpack how the 2026 Tax Code and new royalties’ system will work in practice, what it means for project economics and investment decisions, and how companies should adapt their fiscal and regulatory strategies in Kazakhstan’s evolving mining landscape.
Moderator
Vyacheslav Sosnovskiy
Partner
KPMG
Presentations:
The New Tax Code: Seeking a Balance Between State and Investor Interests
Maxim Kononov
First Deputy Executive Director
Republican Association of Mining and Metallurgical Enterprises (AGMP)
Tax Burden of Mining Companies: Challenges of 2026 and Possible Solutions
Dana Tokmurzina
Chief Executive Officer
Fortune Partners
Transfer Pricing (TP) in the Mining Industry: From Formal Compliance to Regulatory Management
Gaukhar Mukasheva
Director
KPMG
Tax Administration of Mining Companies in Kazakhstan and International Practice
Vyacheslav Sosnovskiy
Partner
KPMG
