Tax Code of Ukraine Will Have Oil and Gas Producers Tightening Their Belts
The newly adopted Tax Code of Ukraine ("Code"), effective starting 1 January 2011, has significantly increased royalty payments and charges for subsoil use. Royalty payments rise approximately 16 percent for natural gas and almost 29 percent for oil and gas condensate. Charges for subsoil use increase approximately by 66 percent per ton of oil and gas condensate and almost 90 percent per 1,000 m3 for natural gas.
Asters Law Firm Kyiv: