NUR-SULTAN – The government commission assigned to supervise the recovery of economic growth has adopted a package of additional measures to support businesses that suffered from the consequences of the coronavirus pandemic, reported the Kazakh Prime Minister’s press service. The meeting was chaired by Kazakh Prime Minister Askar Mamin.
The measures are meant to stimulate business activity in a “new economic reality.”
Small and medium enterprises (SMEs) took a heavy beating from the pandemic. To analyse what support measures they needed, Kazakhstan’s Atameken National Chamber of Entrepreneurs conducted a survey among 50,000 business people.
Based on the survey results, the national chamber along with the government developed a package of 24 measures across four areas – reducing the burden on business, increasing access to financing, expanding access to markets, and quality human resources.
More businesses will be entitled to refinancing on favourable terms through June 1, 2021, as the number of affected businesses increased from 29 to 174.
The commission also extended the exemption of affected SMEs from the charge of rent payments on state property and property until July 1, 2021, from property tax until the end of this year, and from the individual income tax for employees.
The moratorium on the bankruptcy of legal entities and individual entrepreneurs was also extended until July 1 this year.
The government will work on increasing access for domestic producers to public procurement programs and expanding access to support measures offered by Kazakhstan’s Damu Business Development Fund.
The new package, which was discussed at the Supreme Council for Reforms chaired by President Tokayev on February 28, will be reviewed by the government this week and will be submitted to the Majilis, a lower chamber of the Kazakh Parliament, by March 25.