Kazakhstan to adopt new law to attract investments

Business Materials 14 April 2014 18:10 (UTC +04:00)

Astana, Kazakhstan, 14 April

By Daniar Mukhtarov - Trend:

Kazakhstan plans to adopt a law that will be aimed at attracting a new wave of investments, according to Kazakh Economy and Budget Planning Minister Yerbolat Dossayev.

Dossayev made the remarks at a briefing held in Astana on April 14.

"A draft law on improving the investment climate will be introduced to the Kazakh parliament before June 1, 2014," he said.

He added the draft law includes a new format of contracts with investors, describing in details the government support measures.

"One of the measures is the compensation of up to 30 percent of investment costs by the state after commissioning a facility. The second measure is the exemption from corporate income tax, and the third measure is the long-term order of goods and services of investors by national holdings, national companies and government bodies," the minister said.

Dossayev also said Kazakhstan will introduce the legislation "stability" principle in tax and environmental sectors for 10 years.

The country will also introduce the projected long-term rate, according to him.

Kazakhstan will also introduce the one-stop shop principle for investors and create an investment ombudsman institute.

Translated by E.A.

Edited by C.N.