Kazakhstan’s attractiveness for investors from Customs Union increases

Photo: Kazakhstan’s attractiveness for investors from Customs Union increases
 / Kazakhstan

Astana, Kazakhstan, April 16

By Daniar Mukhtarov - Trend:

Kazakh Tax Committee highlights a growth in number of investors from Customs Union countries (Russia and Belarus), Kazakh Finance Ministry's Tax Committee Head Anwar Dzhumadildaev said.

He made the remarks at a briefing held in Astana at the Central Communications Office for the President of Kazakhstan.

He said that there is an annual increase in the number of Kazakh legal entities operating with participation of investors from the Customs Union.

In 2013, the number of investors from the union was 4,737, which is more than the figures for 2012 by 423.

He said since the start of formation of the Customs Union, there has been an annual growth in revenues from value-added tax (VAT) on imports from Russia and Belarus.

"Thus, over 2013 the total amount of VAT on imports from these countries totalled 367 billion tenges, and compared with 2012 the revenue growth was almost 41 billion tenges. Over 2012 the revenue growth stood at 42 billion tenges, as compared to 2011," the committee head added.

Throughout 2013, the volume of taxable imports from the Customs Union totalled 3.059 trillion tenges (182.07 tenge = $1), which exceeds the same indicator for 2012 by 340 billion tenges. In 2012 the imports increased by 352 billion tenges compared to 2011 and stood at 2,719 trillion tenges.

Dzhumadildaev also said work is underway to improve the draft treaty on Eurasian Economic Community, and it is based on international agreements concluded between member states, which regulate taxation in terms of indirect taxes.

"Section 12 'Taxes and Taxation' consists of three articles, a version of this section has been agreed upon at a meeting of the working group on improvement of the functional part of the draft agreement," he added.

Translated by E.A.

Edited by C.N.

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