Kazakhstan to develop new tax code by 2022
According to the instructions of Kazakh President Kassym-Jomart Tokayev, taxation is being completely revised in Kazakhstan. A new tax code will be developed by 2022. These innovations should be useful and rational for Kazakh businesspeople. This was announced at a briefing in the Central Communications Service by Ablai Myrzakhmetov, Chairman of the “Atameken” National Chamber of Entrepreneurs. He said that since the moment of introduction of the quarantine measures, the country’s Government and the “Atameken NCE have taken many measures to support entrepreneurs.
“Small and medium-sized businesses were exempted from taxes until June. For those entrepreneurs experiencing difficulties in paying taxes on wages, the previously established grace period until October 1 was extended until the end of the year. Those businesspeople who had to take a forced vacation, received a social welfare of 42,500 tenge (US$103 at that time),” the Chairman commented.
He added that over 40 percent of entrepreneurs who obtained credit loans from banks were able to receive loan deferral. The loan exemption period was extended until December 31.
“Next year, there is a lot of work to be done, which is to prepare a regulatory framework from scratch for the business to work comfortably. The Tax Code needs to be revised and optimized. Support for domestic producers and a new reform of the agro-industrial complex are the key points,” Myrzakhmetov said.
In his state-of-the-nation address, President of Kazakhstan Kassym-Jomart Tokayev detailed a number of measures to support Kazakh businesses. First of all, it is a stimulative monetary policy. The task is to reorient the excess liquidity of second-tier banks to lending to small and medium-sized enterprises in the country. The state reduces the share of participation in the economy, but creates a single register of domestic producers for all procurement platforms regulated by a single certification system. The agribusiness reform will focus on the availability of land resources, cheap and long-term loans.