Kazakhstan mining companies, which dominate the country's economy, could receive fiscal help from the government, it has emerged. The government is considering cutting the industries tax burden by KTZ25bn (USD205m).
The cuts are in response to the mining companies lay-offs of some of their workforce on January 28. The cuts will be on the condition that the companies revoke the redundancy notices and maintain the employments despite plunging metal prices.
The tax cuts for mining companies are part of the Kazakhstan government’s efforts to support struggling businesses nationwide. The announcement follows tax breaks issued last month to prop up the country's car manufacturing industry. Kazakhstan’s Finance Minister speaking last week announced that overall the government plans to reduce the tax burden for entrepreneurs by USD2.9bn in an attempt to stimulate economic growth.
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