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Nazarbayev supports introduction of wealth tax in Kazakhstan

October 21 2013, 09:37

President Nazarbayev has declared his support to the parliament's initiative to introduce  wealth tax in Kazakhstan, Tengrinews reports.

"The taxes that we have are most likely the lowest corporate taxes in the world for companies. And our income tax is also the lowest, for both rich and poor. We have created a middle-class. This is very good. This was our goal. There should be more rich people, and they should channel their wealth into development of the country that helped them become who they are," Nursultan Nazarbayev said today at the meeting of Nur Otan, the ruling part in Kazakhstan.

Speaking about the proposed introduction of differentiated tax rates he said: "This is how its done in the rest of the world, but in our country millionaires pay 10% income taxes. We should think about it. And I support my the Majilis deputies."

He reminded that he had instructed the government to introduce an indirect tax on luxury goods. "The scope of activities is very broad here, he added," he added.

Members Majilis (Lower Chamber of the Parliament) have already endorsed the bill "On amendments to the tax legislation" that increases taxes on cars and housing.

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