Poland's Ministry of Finance has completed a draft law on a 40 percent tax on companies' oil and gas extraction proceeds. Last week the draft was sent to other ministries for consultation. “The draft is in line with assumptions made by the government,” Deputy Finance Minister Maciej Grabowski said.
Total taxation will amount to 40 percent and will consist of several components. One of them will be a royalty tax, the value of which will depend on the type of extraction. There will be a 6 percent royalty on conventional oil extraction, 3 percent on conventional natural gas and on non-conventional (shale) oil, and 1.5 percent on non-conventional gas. The ministry wants the new law to come into force in 2015.
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