New Social Entrepreneurship Law Offers Tax Incentives for Socially Responsible Businesses

NUR-SULTAN – New law on social entrepreneurship offers tax incentives, subsidizing loan interest rates and state support for businesses working with socially vulnerable groups. The law was signed June 24 by Kazakh President Kassym-Jomart Tokayev, reported the Akorda press service. 

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The law was initiated by the deputies of the Kazakh Parliament to enhance legislative regulation and systematization of mechanisms for the development of social entrepreneurship in the country. As a result, business procedures and interactions with tax authorities will be simplified for individual entrepreneurs.

“The adoption of the law is the result of joint work of the Parliament Members and social entrepreneurs. The law provides state support for entrepreneurs who solve employment issues, produce goods or provide services for socially vulnerable citizens. Among them are people with disabilities, parents raising a disabled child, pensioners, orphans and large families,” said Deputy of Kazakh Senate Maulen Ashimbayev on his Facebook page. 

According to the new law, social entrepreneurs are entitled to tax breaks if they employ and train employees from socially vulnerable groups. The government will now ensure the availability of infrastructure to support social entrepreneurship entities and provide them with financial, informational, consulting and methodological assistance.

The newly adopted law lays the foundation for the legal basis of the systematic support of social entrepreneurship in Kazakhstan. It follows after the adoption of the decree “On further human rights measures in Kazakhstan” that implemented the protection of the rights of people with disabilities into law on June 9

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