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Kazakhs Raise Crude Oil Export Tax 50% to Boost Budget Revenue

April 3 (Bloomberg) -- Kazakhstan raised its oil export tax by 50 percent to $60 a metric ton ($8.19 a barrel), effective from April 13 as the Central Asian state seeks a larger share of revenue from sales of crude.

Kazakhstan announced the increase today in a decree published in the official government newspaper, Kazakhstanskaya Pravda.

Central Asia’s biggest oil producer began taxing crude exports in May 2008 to raise cash as global credit markets tightened. The duty, cut to zero in January 2009, was raised to $20 a ton in August 2010, and then to $40 in January 2011. Kazakhstan is raising revenue after industrial production growth slowed in 2012 to 0.5 percent from a year earlier, trailing the government’s forecast of 2.7 percent.

The nation doesn’t plan to raise the tax further this year, Deputy Economy and Budget Planning Minister Marat Kusainov said today in Astana, according to Interfax.

To contact the reporter on this story: Nariman Gizitdinov in Almaty at ngizitdinov@bloomberg.net

To contact the editor responsible for this story: Steve Voss at sev@bloomberg.net

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