Ukrainian government to increase severance tax for oil and condensate

The Ukrainian cabinet of ministers is going to increase severance tax for oil and condensate production to 21%-45%, according to bill No 4647 on amendments to the tax code, which was submitted to parliament on April 7. The bill suggests increasing severance tax for oil deposits deeper than 5 km to 21% from 18% and for other deposits to 45% from 39%. For condensate, tax rates are to be increased also respectively to 21% and 45% from 18% and 42%.

Copyright: UA Energy, 2014