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You're reading: Private oil and gas producers face tax hikes amid growing needs for government revenues
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Parliament
passed the legislative
package
on July 31 with more than 300 votes.

In force
until the end of the year, gas drillers will now have to pay 55 percent of
their subsoil revenue instead of 28 percent for extracting the blue fuel
beneath 5 kilometers, and 28 percent instead of 15 percent for beyond 5 kilometers.
An earlier version of the bill had a 70 percent tax rate for gas extraction, but
parliament agreed to address the private sector’s complaints about this.

Privately-owned
companies involved in oil and gas extraction in Ukraine, including Geo-Alliance
Group, Kub-Gaz, Naftogazvydobuvannya, Poltava Petroleum Company, Smart-Energy,
published a letter addressed to Prime Minister Arseniy Yatseniuk and relevant
parliamentary committees on July 29 to voice their disagreement with the new
rates.

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