Ukraine's Minister of Finance Natalie Jaresko has recently announced that the government is planning to introduce legislation that will reduce the natural resource royalty tax rates for oil and gas fields. The top rate was increased from 28% to 55% in 2014.
For oil and gas fields with wells up to 5 km deep, the 55% rate will be reduced to 29%, and for wells more than 5km deep, the rate will be reduced from 28% to 14%. In addition, reduced rates will be introduced for new wells at the rate o…