Representatives of the Ministry of Industry and Infrastructure Development and the Ministry of Ecology, Geology and Natural Resources of Kazakhstan met with residents of several districts in the East Kazakhstan Region to discuss issues related to subsoil use and attracting investments to the region. Several industrial projects are being implemented in the region. In particular, exploration work has been ongoing in the Samar district since 2006, and the company “Cascade-N” plans to build a gold extraction plant here. Deputy Minister of Industry and Infrastructure Development of Kazakhstan, Iran Sharkan, noted that the opening of the plant will create new jobs for local residents and will also provide appropriate social benefits. The Samar project has passed all stages of development and complies with the current legislation on ecology and subsoil use.
Tag: Ministry of Ecology
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Kyrgyz Ministry of Ecology Stresses Compliance with Mining Legislation
The Ministry of Ecology in Kyrgyzstan has issued a reminder regarding the imperative need to adhere to the country’s mining laws concerning subsoil use.
In order to prevent the unauthorized transfer of licenses for subsoil exploitation, the Ministry underscores that, as per the Subsoil Law, such transfers are prohibited until a period of two years has elapsed since the conclusion of the license agreement for conducting mining activities.
Furthermore, it is clarified that the transfer of a license to another party, resulting from the transfer of rights under the license, is treated akin to obtaining a new license. This action necessitates the payment of a bonus as mandated by Kyrgyz tax laws. However, any such transfer can only occur if the current subsoil user is devoid of outstanding payments related to bonuses, royalties, and fees for subsoil use.
According to Article 351 of the Tax Code, except in specific instances like inheritance or the reorganization of a legal entity without altering its ownership structure, the transfer of subsoil usage rights to another entity is subject to taxation.
Failure to meet the stipulated deadlines for bonus or license fee payments can lead to the suspension and eventual termination of subsoil usage rights.