Kazakhstan introduces incentives for foreign investors

Marat KussainovThe bill improving investment climate in Kazakhstan ensures 10-year exemption from some taxes for foreign investors, said Vice Minister of Economy and Budget Planning of Kazakhstan Marat Kussainov, akipress.com reports.

"We introduce additional measures of state support for investors in the framework of the concluded contracts, including exemption from CIT for 10 years; exemption from land tax for 10 years; exemption from property tax for 8 years; up to 30% compensation of capital costs of the investor by the state after commissioning," he said.

In addition, it is planned to establish "stability" of tax rates except for VAT and excise taxes, environmental fees and charges for a period of 10 years after the conclusion of contracts with investors, the Primeminister.kz cites.

However, under the contracts concluded investors have the right to employ foreign labor for the duration of the investment project and one year after commissioning of a facility.

To minimize the participation of investors who have concluded a contract in the collection and preparation of documents, restrictions on their direct contact with entities rendering public services the principle of "one window" will be established on the basis of the Investment Committee of the Ministry of Industry and New Technologies of Kazakhstan.