Largest Kazakh national holdings may be liquidated
Baku, Azerbaijan, Nov. 30
By Elena Kosolapova - Trend:
President of Kazakhstan Nursultan Nazarbayev doesn't rule out the possibility that such national holdings as Samruk Kazyna, Baiterek and KazAgro may be liquidated after privatization, the press service of the head of state said.
Nazarbayev made the remarks Nov.30 while delivering his annual State-of-the-Nation Address in Astana.
These holdings will be featured into the new program of privatization after which they either will be transformed into lean and mean organizations or liquidated, according to President Nazarbayev.
The head of state said that the privatization process should be transparent and fair, and charged the government to abolish all ineffective tax preferences.
"We need to review the entire system of governmental revenues and expenditures," said the president. "First of all, we need to expand the revenue part of the budget. In 2017 we should introduce sales tax instead of VAT. All inefficient tax preferences must be abolished."
"Tax regimes must be optimized. We need three levels of taxation: general tax, patent for self-employed people and special tax regime for SMEs and agricultural sector," he said.
The assets of the Samruk-Kazyna National Welfare Fund include KazMunaiGas National Oil and Gas Company, the Kazakhstan Temir Zholy railway operator, Kazakhstan Electricity Grid Operating Company (KEGOC), Kazakhtelecom telecommunications operator, Kazatomprom National Nuclear company.
The National Managing Holding Baiterek includes: JSC Development Bank of Kazakhstan, JSC Investment Fund of Kazakhstan, JSC Housing Construction and Savings Bank, JSC Kazakhstan Mortgage Company, JSC KazExportGarant, JSC Entrepreneurship Development Fund Damu, JSC National Agency for Technological Development, JSC Kazakh Fund of Mortgage Guarantees, JSC KazynaCapitalManagement, JSC Baiterek Development, JSC Public Private Partnership Advisory Center.
The "KazAgro National management holding" includes "Food contract corporation "National company" JSC, "KazAgroProduct" JSC, "KazAgroFinance" JSC, "Agrarian credit corporation" JSC, "Fund for financial support of agriculture" JSC, "KazAgroGarant"JSC and "Kazagromarketing" JSC.
Follow the author on Twitter: @E_Kosolapova