The Polish government plans to tax hydrocarbon extraction at an estimated 40 percent of the sector's gross profits on extraction of gas and oil from 2015, Reuters reported. It says the move will help create a stable investment framework for the country's shale gas sector.
“We are launching this system to ensure that investors who are currently investing in Poland can feel assured what the state's strategy in this matter is. After all, we are talking about billions of złoty in investments. It is very important for us that investors feel safe and that these investments can be made in a transparent manner,” the head of the prime minister's office Tomasz Arabski said at a news conference.
“Our aim is to create the best regulations possible. We need to take care of the citizens and the investors, but on the other hand we need to secure the State Treasury's interests,” said Environment Minister Marcin Korolec.
Poland plans to impose a tax on gas extraction that will amount to 5 percent of its value and a crude oil extraction tax worth 10 percent of its value, Reuters wrote. It also plans a 25 percent tax on the surplus of revenue over expenses. The new tax is expected to come into force on January 1, 2015.
The government also wants to set up a state-owned institution called the National Operator of Energy Mineables (NOKE). The institution, which is to be supervised by the treasury minister, will oversee the shale gas exploration industry and will have the right of first refusal on the secondary trade in licenses, on market terms, the Wall Street Journal reported.
NOKE's profits will be transferred to the state budget and the Hydrocarbon Generation's Fund. The latter will support long-term investments.
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