...

Kazakhstan can introduce tax breaks for engineering firms

Business Materials 26 December 2013 16:12
In order to support the development of engineering, the association of legal entities of the Engineering Union of Kazakhstan plans to initiate the adoption of a bill on providing five-year tax breaks for domestic machine builders by the Majilis (lower chamber of parliament) of the country.

Astana, Kazakhstan, Dec.26
By Daniyar Mukhtarov - Trend:

In order to support the development of engineering, the association of legal entities of the Engineering Union of Kazakhstan plans to initiate the adoption of a bill on providing five-year tax breaks for domestic machine builders by the Majilis (lower chamber of parliament) of the country, chairman of the board of the Kazakhstan Engineering Union, Meyram Pshembayev said, speaking at a meeting of the union in Astana.

"Such a measure will give the producers in the engineering industry time to get stronger and get on their feet," Pshembayev said.

The volume of production in the republic's engineering industry hit 840 billion tenge (153.88 tenge =$1), according to Pshembayev. Taking into consideration the plans of the state programme for forced Industrial-Innovative development, this figure will be equal one trillion tenge in the future.

"Nevertheless, 42 per cent of engineering products is still imported to Kazakhstan. This is a serious figure which shows we shouldn't stop, but continue to develop. And we should determine in which direction we should go and which steps should be taken in order to support our producers," Pshembayev said.

Translated by L.Z.

Edited by S.M.

Tags:
Latest

Latest