Аңдатпа
The aim of this research lies in the examination of the rent approach to the economic valuation of natural resources, which is most appropriate in market conditions and is crucial for the rational use of natural resources. Primary research methods: historical and logical analysis, analysis and synthesis, induction and deduction, systems approach, and computational and analytical approach. Research Methodology. The essence of the rent approach lies in the reasonable alignment of the interests of the state, which owns the subsoil, and the investor, who exploits it during the implementation of an investment project. Rent is the income received by the owner of a natural resource from its exploitation or leasing. The resource that generates the highest income, i.e., the one with the highest rent, receives the highest economic value. Unlike the cost approach, the rent approach takes into account the quality and availability of a natural resource, which is achieved through a fair and justified division of rent income—differential mining rent. A portion of the rent, determined by the natural properties of the asset, should belong to the state, as it is the owner of the subsoil. The other portion, generated through entrepreneurial activity, should remain with the entrepreneur and investor. The main results of the study are summarized as follow - by stimulating economic development through a favorable tax program, significant aggregate revenues for the government can be generated from many small, low-profit fields. A more stringent tax regime could lead to a tendency for development to be concentrated solely on large fields, which could significantly reduce government revenues from subsoil use in the long term. Practical application of the study. The mineral resources sector dominates Kazakhstan's economy. In oil production, the key guideline for the state's economic interests is not the fiscal function, but rather the methods of its use that best serve national interests. This means the efficient distribution of revenues from subsoil exploitation, the use of rents to develop processing industries, while at the same time respecting the interests of the population, especially in producing regions, and the environment.