Meeting of the Working Group on license withholding payments and bonuses

At the second meeting of the working group studying the State Geology Agency’s initiative aimed at increasing the rates of license withholding payments for subsoil use and bonuses participants discussed the related international practice, amounts due and paid to the central and local budgets, imbalance of tax burden levied on certain groups of subsoil users and trends of changing prices for various commodities.

As a result, WG members decided to recommend to abstain from increasing the rates of license withholding payments and bonuses at least until a proper analysis is done by independent experts in the field. It was also decided to consider further if it is worthwhile to increase bonuses rates for each group of minerals.

The Working Group has been formed by the Economy Ministry to develop the draft laws above further and consists of Ministry of Finance, State Tax Authority, State Geology Agency and business community representatives.