Kazakh Prime Minister Karim Masimov on Thursday ordered the suspension of all negotiations with foreign investors on exploiting mineral deposits in the country, the Kazakh Telegraph Agency reported.
Before a new tax law is enacted, all Kazakh companies, especially the state oil and gas company KazMunai Gas, will suspend the inking of new contracts with investors on developing the country's underground resources, Masimov said during an energy and mining resources ministry meeting in the capital Astana.
The prime minister said the Kazakh government will form a working group in charge of drafting the new tax law, to establish the new "game rules."
He added that all existing contracts will be respected by the Kazakh side if foreign investors fulfill all their contractual obligations.
During his annual state of the nation address to parliament, Kazakh President Nursultan Nazarbayev on Wednesday called on the government to draft a new tax code, which is reportedly designed to increase the taxation of and reduce the preferential terms for mineral development enterprises.
Source: Xinhua
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