ASTANA – President Kassym-Jomart Tokayev called for a new banking law that meets the current challenges of stimulating economic activity and dynamic development of the fintech sector in his Sept. 2 state-of-the-nation address. He noted that the existing law, which has been in place for 30 years, no longer aligns with present-day realities.
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Tokayev emphasized the importance of fair taxation, suggesting that banks’ taxes should be proportionate to the dividends paid to their shareholders. He highlighted that this approach is especially logical given the state aid provided to banks.
“It is also important to create a stable regulatory environment for the circulation of digital assets and the safe implementation of innovations in the banking sector,” Tokayev said.
The President also discussed the role of the National Fund, which he described as the most important instrument for ensuring long-term macroeconomic stability in Kazakhstan. He noted that the fund’s resources should primarily serve the country’s interests and strategic goals rather than foreign financial institutions.
To encourage economic activity, Tokayev proposed creating favorable conditions for attracting private investment by establishing a stable tax policy that stimulates qualitative development and responsible business behavior. He called for a new Tax Code to simplify tax administration, build trust with taxpayers, provide clarity and prevent different interpretations of tax rules.
Tokayev suggested postponing the adoption of the new Tax Code until next year to ensure it is prepared at a high level. He also called for optimizing tax regimes without worsening the current favorable conditions for entrepreneurs, citing the introduction of a retail tax as a positive step.
To achieve success in fiscal reform, Tokayev advocated for the complete digitization of tax administration to mitigate corruption risks and ensure transparency. He proposed adapting the entire tax policy to changing fiscal conditions, including revising tax rates.
“We should also abandon the punitive approach to tax administration. I believe it is possible to increase the threshold of tax arrears, at which notifications will be sent without the use of forced collection,” Tokayev said.
The President stressed the need to improve the effectiveness of tax benefits, suggesting that only those incentives that stimulate business should be maintained. He proposed tax preferences for investors focused on production development, such as one-time deductions for the construction, acquisition, modernization and reconstruction of assets, as well as benefits for exporters of high-value products.
Tokayev also called for comprehensive measures to reduce the shadow economy, which continues to significantly impact the financial sector. These measures include completing work on border customs posts and preventing illegal income transfer from foreign trade operations to other jurisdictions.
