Kazakhstan to Double Export Duty on Crude Oil in 2011

According to a report on August 31, 2010 from the Kazakhstan Interfax, Kazakhstan plans to double the export duty on crude oil in 2011.

Minister of Finance of the Republic of Kazakhstan, Zhamishev Bolat Bidakhmetovich, said at the government working conference, in 2011, the increase in Kazakhstan's fiscal revenue can be realized by doubling the export duty on crude oil, raising to USD 40 per ton from current USD 20 per ton.

The Ministry of Finance estimated that after the raise in the export duty on crude oil, Kazakhstan may have an increase of USD 2.86 billion in fiscal revenue next year.

In mid-August 2010, the Kazakhstan Government restored the export duty of USD 20 per ton on crude oil.

According to the previous anticipations of the Ministry of Finance, at the end of 2010, the export duty of USD 20 per ton on crude oil may bring in fiscal revenue of about USD 410 million and USD 1.2 billion in 2011.