Kazakh president signs amendments raising MET on exchange-traded metals by 50%

NUR-SULTAN. July 11 (Interfax) - Kazakh President Kassym-Jomart Tokayev has signed a Law on Amendments to the Tax Code that increases the mineral extraction tax or MET on exchange-traded metals by 50%.

The MET rises 30% for other solid minerals. The tax rate is 7.5% for gold and silver, National Economy Minister Alibek Kuantirov has said.

The amendments also exempt new deposits scheduled to start production after December 31, 2022, and until an internal rate of return of 15% is reached from MET for a period of up to five years.

"In order to discourage outflow of capital, the bill revokes all dividend privileges for non-residents," the minister said.

The amendments will also raise excise on cigarettes and other types of tobacco products within the EAEU.

They also provides for levying higher taxes on digital mining. At the beginning of this year, a tax on digital mining was set at 1 tenge per 1 kWh of electricity consumed.