ASTANA – Tax reforms, protection of intellectual property rights, and subsidies for agricultural producers were discussed at a Dec. 8 meeting of the Council on the Improvement of Investment Climate chaired by Kazakh Prime Minister Alikhan Smailov, reported the Prime Minister’s press service.
Alikhan Smailov held the Investment Promotion Council meeting with officials, representatives of the diplomatic corps and business. Photo credit: Prime Minister’s press service.
Heads of central government agencies, representatives of the diplomatic corps and business attended the meeting to discuss incentives to improve the efficiency of efforts to attract investments into the Kazakh economy.
According to Smailov, a competitive investment climate favorable for attracting investments remains one of the key factors driving economic growth. It is also a key priority for the state, he added.
Kazakhstan has introduced new mechanisms for investment agreements, enabling concluding agreements on individual terms. Along with this, the country ensures the stability of tax legislation for 10 years upon the conclusion of the investment agreement and fiscal incentives in oil and gas projects.
Roman Sklyar held the Investment Promotion Council meeting on Dec. 7. Photo credit: Prime Minister’s press service.
“The issue often raised by investors on limiting the amount of deductions for intangible services acquired from related non-resident persons has been resolved. Now this restriction will apply only to transactions with companies located in offshore jurisdictions,” Smailov said.
Smailov underlined that a predictable and transparent tax policy is one of the important aspects in improving investment attractiveness, emphasizing that the country has developed a new Tax Code to reset fiscal regulation in Kazakhstan. The document exempts new projects in the manufacturing industry from taxes for three years.
“While maintaining the existing incentives, a service model of administration, focused on the taxpayer, will be introduced under the new Tax Code. Tax reporting will be reduced by 30% and the number of tax payments will be cut by 20%,” he said.
