Planned changes in tax obligations for the excess profit

In detail:

According to Article 208 of the current edition of Tax Code of the Republic of Kazakhstan ("Tax Code"), submission of tax reports on the Excess Profit Tax ("EPT") is required only if there is an object of taxation. At the same time, based on planned changes to the Tax Code, the submission of tax reports on EPT for each contract of subsurface use will be mandatory for all oil and gas companies, regardless of the possession of taxable items. These amendments were accepted by the Parliament of the Republic of Kazakhstan.