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Taxation of Subsoil Users
Taxation of Subsoil UsersThe specificity and complexity of
the tax regimes for subsoil users, including the special tax regimes
for Production Sharing Agreements, lead to particular difficulty in
their application in practice. GRATA lawyers are experienced and
capable in guidance through the calculation and payment of taxes and
special payments of subsurface users, including excess profits tax and
taxes on extracting mineral resources and bonuses. We also help our
clients deal with the issues of tax stability, especially concerning
details of previous tax legislation and their interaction with the
requirements of current legislation, including the issues of hedging,
which are applicable to the tax regime for subsoil users operating
under Production Sharing Agreements and separate subsoil use contracts. Recent Experience:- advising a
major foreign company on terms of taxation income from capital gains during
sale of participation interests in a Kazakhstani company – subsoil users;
- preparation
of an analytical survey for representatives of an Indian company regarding tax
on the production of useful minerals, rental tax on export, payment in
compensation for past costs and excess profit tax;
- providing
consultation about obligations arising
from payments of a commercial bonus for ore mining companies;
- preparation
of a memorandum for oil companies in the question of tax on production of
useful minerals;
- advising ore
mining companies about the tax registration of shipped goods on a vessel;
- advising an oil
company on assessing excess profit tax, especially on issues of separating
contract and non-contract activity in order to make changes and additions to
the contract for subsoil use;
- development
for the oil company model for calculating the excess profit with peculiarities
provided by a contract for subsoil use;
- analysis
of the tax regime under subsoil use contracts, providing advice on the
calculation and payment of taxes and special payments of subsurface users for
past tax periods;
- preparing
advice on VAT issues related to exploration operations for major foreign
subsurface users;
- advising subsoil
users operating under Production Sharing Agreements regarding the legal grounds
for the revaluation of their fixed assets in accounting and taxation records;
- advice on
the optimization of repayment of loans on the basis of specifics of the tax
regime;
- analysis
and calculation of the excess profit tax, commercial discovery bonus, and
subscription bonus, with recommendations for the optimization of tax
liabilities;
- identifying
potential risks associated with the use of past tax legislation in connection
with current tax legislation taking into account law-enforcement practice.
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