Law on investment amended in Kazakhstan
Kazakhstan, Astana, Feb. 20 / Trend T.Nurmagambetov /
Kazakh President Nursultan Nazarbayev signed the Law "On introduction of amendments and supplements to some legislative acts of the Republic of Kazakhstan on investment" aimed at bringing the legislation into conformity with international treaties of Kazakhstan and the improvement of investment activity, the president's press-service said on Monday.
The Act provides for exemption from customs duties of process equipment, components and spare parts, raw materials and materials imported for the exclusive use in the territory of a State Party of the Customs Union within the framework of the investment project.
It is proposed to exempt from customs duty on import of raw materials for up to five years legal entities of Kazakhstan depending volume of investments in fixed assets and in the case of conformity of the investment project to the list of priority activities. The list of priority activities may be revised only once a year.
The Law also provides for amendments to extend the term of the development and approval in due course of the project documents of subsoil users. This rule is proposed due to the adoption last year of the law "On Subsoil and Subsoil Use".