Ministry of Finance to Support Conscientious Entrepreneurialism

In an effort to encourage conscionable entrepreneurs, the Kazakh Ministry of Finance will be developing the institute of authorised economic operators. The announcement was made during the recent briefing dedicated to interaction issues within Eurasian integration.

“We will continue working in support of conscionable entrepreneurs. We have already made the appropriate changes to the legislation so that the requirements for activities of the authorised operator became more rigorous and today we are going to conduct a major revision of the work that has been done. The approved operators will benefit from additional simplifications concerning traffic growth. In addition, such operators will qualify for international recognition in the framework of the programme of mutual recognition, which is now under development and carried out by the State Revenue Committee,” said Deputy Chairman of the Finance Ministry Customs Control Committee Dina Mamasheva.

Moreover, in order to reduce customs regulation and operation terms, the committee is planning to develop and implement a simplified customs declaration procedure for investment firms this year and start providing services for investors on the single window principle. In addition, a green corridor for large local companies will be provided, as well as a mechanism of transcendent control, starting from the delivery of goods to sales within the country.

Speaking about the role of the Eurasian Economic Union (EAEU), Kazakh Vice-Minister of Finance Ardak Tengebayev stressed that one of the main goals of the union is the possibility to unite the capabilities of each country’s economy in order to promote its economic modernisation and competitiveness. He also reported about results achieved in this field.

“The first step made was the convergence of the customs systems of our states by the introduction of the customs code of the Customs Union. To date, a draft of the customs code has been prepared. This document was developed with the direct participation of the business community and is currently under the state’s approval. The draft includes 16 norms of existing international agreements,” said Tengebayev.

Principles of taxation have not been changed; however, several innovations have been implemented since Jan. 1. In particular, one of the modifications is the possibility to postpone indirect tax payments in the case of goods imported from developing countries. This item is intended for large taxpayers who are included in the monitoring list.

“This will allow taxpayers to save their current assets, because terms for payment are extended up to six months. Also, since the beginning of this year there is the possibility to provide an application concerning import of goods and indirect tax payments only in electronic form, which is the basic document confirming the export/import of goods in the framework of bilateral trade. This simplifies the proof of the export/import process and speeds up the bureaucracy. However, the application can be also provided in paper form as per the taxpayer’s desire,” said Tengebayev.

He also explained that an advisory committee on tax policy and administration is operating to improve tax administration and deal with all issues related to mutual trade. If necessary, this body would prepare and submit changes to the existing international law.

“I want to note that the activities of the Ministry of Finance in the framework of improving tax and customs administration are aimed at simplifying business activities, as well as an expansion of the trade capacity of the country,” said Tengebayev.

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