Kazakh president says mining companies must pay higher taxes



* President announces package of measures to bridge inequality

* Taxing mining cos more, freezing senior civil servants' salaries

* Govt also plans incentives to encourage mining exploration

* Details of the plans yet to be revealed

ALMATY, Jan 11 (Reuters) - Kazakh President Kassym-Jomart Tokayev ordered his government on Tuesday to extract greater tax revenue from the mining sector which he said was profiting from higher metals prices.

Kazakhstan has just weathered the worst bout of unrest since it gained independence from the Soviet Union three decades ago and the plan for higher taxation of the mining sector was included in a package of measures announced by Tokayev on Tuesday to try and bridge income inequality.

The Central Asian country is the world's top global producer of uranium, the metal that fuels nuclear power plants, and also has large deposits of copper, iron ore and zinc.

Prices of industrial metals prices surged last year and the price of uranium also jumped last week after the unrest, which was initially sparked by protests against a hike in fuel prices but widened into what the authorities have since called an attempted coup d'etat.

"The income of firms in the mining sector has grown against the backdrop of higher prices for raw materials," Tokayev said in his speech to parliament.

"I am ordering the government to come up with a plan (to bring) additional revenues to the budget. In exchange we can provide large incentives for the exploration and development of new deposits for large mining and other companies."

Among other measures, Tokayev urged big businesses to make regular contributions to a new charity foundation, froze the salaries of senior-level civil servants and said the government must eliminate monopolies and ensure fair competition.

He did not provide additional details on the initiative or on the incentives that might be given to mining firms. Nor did he say when the measure might come into force.

It was therefore not immediately clear how Tokayev's plan might affect foreign mining and commodity companies such as Glencore GLEN.L , Rio Tinto RIO.L and French nuclear fuel firm Orano that do business in the Central Asian country.

Glencore, which controls zinc, copper and lead producer Kazzinc, declined to comment on the president’s tax comments. A source familiar with the situation said Glencore's operations had not been impacted by the protests.

National mining company Kazatomprom KZAP.KZ KAPq.L , the world's biggest producer of uranium said last week that its operations and exports were not affected by the unrest, which the authorities say has since been brought under control.

Russia announced a similar mining tax measure last year, imposing higher taxes on metals firms to attract more budget revenue.
Reporting by Olzhas Auyezov and Mariya Gordeyeva in Almaty and by Clara Denina in London; Writing by Gabrielle Tétrault-Farber; Editing by Andrew Osborn and Susan Fenton

Disclaimer: Ang mga kabilang sa XM Group ay nagbibigay lang ng serbisyo sa pagpapatupad at pag-access sa aming Online Trading Facility, kung saan pinapahintulutan nito ang pagtingin at/o paggamit sa nilalaman na makikita sa website o sa pamamagitan nito, at walang layuning palitan o palawigin ito, at hindi din ito papalitan o papalawigin. Ang naturang pag-access at paggamit ay palaging alinsunod sa: (i) Mga Tuntunin at Kundisyon; (ii) Mga Babala sa Risk; at (iii) Kabuuang Disclaimer. Kaya naman ang naturang nilalaman ay ituturing na pangkalahatang impormasyon lamang. Mangyaring isaalang-alang na ang mga nilalaman ng aming Online Trading Facility ay hindi paglikom, o alok, para magsagawa ng anumang transaksyon sa mga pinansyal na market. Ang pag-trade sa alinmang pinansyal na market ay nagtataglay ng mataas na lebel ng risk sa iyong kapital.

Lahat ng materyales na nakalathala sa aming Online Trading Facility ay nakalaan para sa layuning edukasyonal/pang-impormasyon lamang at hindi naglalaman – at hindi dapat ituring bilang naglalaman – ng payo at rekomendasyon na pangpinansyal, tungkol sa buwis sa pag-i-invest, o pang-trade, o tala ng aming presyo sa pag-trade, o alok para sa, o paglikom ng, transaksyon sa alinmang pinansyal na instrument o hindi ginustong pinansyal na promosyon.

Sa anumang nilalaman na galing sa ikatlong partido, pati na ang mga nilalaman na inihanda ng XM, ang mga naturang opinyon, balita, pananaliksik, pag-analisa, presyo, ibang impormasyon o link sa ibang mga site na makikita sa website na ito ay ibibigay tulad ng nandoon, bilang pangkalahatang komentaryo sa market at hindi ito nagtataglay ng payo sa pag-i-invest. Kung ang alinmang nilalaman nito ay itinuring bilang pananaliksik sa pag-i-invest, kailangan mong isaalang-alang at tanggapin na hindi ito inilaan at inihanda alinsunod sa mga legal na pangangailangan na idinisenyo para maisulong ang pagsasarili ng pananaliksik sa pag-i-invest, at dahil dito ituturing ito na komunikasyon sa marketing sa ilalim ng mga kaugnay na batas at regulasyon. Mangyaring siguruhin na nabasa at naintindihan mo ang aming Notipikasyon sa Hindi Independyenteng Pananaliksik sa Pag-i-invest at Babala sa Risk na may kinalaman sa impormasyong nakalagay sa itaas, na maa-access dito.

Gumagamit kami ng cookies para mabigyan ka ng mahusay na karanasan sa aming website. Magbasa pa o palitan ang iyong cookie settings.

Babala sa Risk: Maaaring malugi ang iyong kapital. Maaaring hindi nababagay sa lahat ang mga produktong naka-leverage. Mangyaring isaalang-alang ang aming Pahayag sa Risk.