Kazakhstan may create offshore zone

Photo: Kazakhstan may create offshore zone / Business News

Baku, Azerbaijan, Feb. 19
By Elena Kosolapova - Trend:

Kazakh parliament member Tursunbek Omurzakov has proposed creation of an offshore zone in Kazakhstan to attract capital, Kazakh Majilis (Parliament's lower chamber) reported on Feb. 19.

The proposal was made to the Kazakh Economy and Budget Planning Minister Erbolat Dosayev at the Majilis session.

"Now a number of special economic zones operate in Kazakhstan. Perhaps we should consider creation of own offshore zone," Omurzakov said.

He pointed out that Russia plans to create an offshore zone in its eastern region and warned that Kazakh capital will move to this zone as there will be no restriction within the Customs Union.

"In future, offshore zones can be a key tool in attracting capital", Omurzakov said.

Huge amounts leave Kazakhstan through offshore zones, the parliament member said.

"Kazakhstan invested $3.6 billion in the Virgin Islands, $2.6 billion in the Seychelles Islands, and $1.9 billion in Cyprus. We should work with such countries: sign agreements and exchange tax information," he noted.

Edited by CN

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