Ukraine’s parliament has passed the first reading of tax code changes that will reduce gas subsoil taxes, something pro- ducers say is needed to boost output. The amendments seek to cut subsoil taxes to 29pc from 55pc of the regulated gas price for wells up to 5,000m deep and to 14pc from 28pc for deeper wells. Two further readings in parliament — probably in the second half of this month — and presidential approval are required before the amendments become law. Producers had hoped to see subsoil tax reduced from 1 October.
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