BAKU, Azerbaijan, Dec. 9
By Nargiz Sadikhova - Trend:
Micro and small business of Kazakhstan will save up 382 billion tenge ($986.7 million) via exemption of business from paying tax on main activities, Kazakhstan’s Minister of National Economy Ruslan Dalenov said, Trend reports with reference to Kazakh media.
The minister noted that starting from January 1 next year, subjects of micro and medium business will be freed from inspections for the period of three years.
“Starting from January 1, 2020, the moratorium for inspections for the period of three years will be introduced. This is one of the orders of Kazakhstan’s President Kassym Jomart Tokayev. Overall some 100,000 checks will not be held over the three years. This will allow to decrease the administrative load, provide for stability of business environment and simplicity of holding business a competitiveness development,” Dalenov said.
He noted that there will be no complete rejection of the inspections.
“Moratorium does not include cases of prevention of mass threat to the population; on the appeal of the entrepreneur himself and other cases, which will be covered in the draft bill,” the minister said.
Furthermore, the minister noted, subjects of micro and small business will also be exempt from paying tax on main activities for the period of three years.
“This was also included in September’s Address of the President. Currently all law amendments were already prepared and they will enter into force on January 1, 2020,” Daleniv said.
He noted that as a result, local business will save 382 billion tenge ($986.7 million).
“Saved funds will allow entrepreneurs to replenish working capital and improve their operations,” the minister said.
As a representative of Kazakhstan’s Ministry of national Economy told Trend earlier this year, subjects operating in area of gambling, production and wholesale of excisable products, will not be exempted from paying taxes.
Furthermore, in accordance with the country's Entrepreneurship code, subjects of micro business are considered to be individual entrepreneurs and legal entities, the number of employees of which does not exceed 15 people and annual revenue of which does not exceed 76 million tenge ($196,000), whereas subjects of small business are considered to be individual entrepreneurs and legal entities, the number of employees of which does not exceed 100 people and annual revenue of which does not exceed 757 million tenge ($1.9 million).
---
Follow the author on twitter: @nargiz_sadikh