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Kazakhstan Enacts Investor Tax Breaks

by Tatiana Smolenska, Tax- News.com, Moscow

19 June 2014

Kazakhtan's President, Nursultan Nazarbayev, has signed into law tax concessions to promote foreign investment, including a 10-year exemption from corporation tax, an 8-year exemption from property tax, and a 10-year freeze on most other taxes.

Other measures include a refund on capital investments of up to 30 percent once a production facility is in operation, and the right to bring in foreign workers in excess of set quotas for the whole construction period, and for a year following the commissioning of a production facility.

VAT and excise tax rates will continue to be subject to change, although tariff ceilings will be set for a period of five years, or more for certain industries.

The package of incentives will be offered for new investment projects worth at least USD20m in industries regarded as being of prime importance. Also, an investment ombudsman will established to safeguard the rights and interests of investors.

TAGS: tax | value added tax (VAT) | property tax | corporation tax | excise duty | legislation | Kazakhstan | tax breaks | legislation amendments

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