Kazakh Parliament to consider amendments stimulating investment in July
Baku, Azerbaijan, May 2
By Elena Kosolapova - Trend:
Kazakh Government will submit package of amendments to the legislation on investors support in July 2014, Kazakh Minister said, Novosti-Kazakhstan reported.
"We plan to create a new investment package, which will be submitted to the parliament for approval in July of this year," Minister of Economy and Budget Planning Erbolat Dossaev said at the investment conference within the meeting of the Board of Governors of the Asian Development Bank on May 2.
Earlier it was planned to submit this package of legislative amendments to the Parliament by June 1, 2014.
Kazakhstan is developing a comprehensive plan improving the investment climate in the country and creating a more favorable environment for foreign investors.
In particular, Kazakhstan will simplify the visa regime, unilaterally introduce visa-free regime for citizens of the most developed countries for a period of up to 90 days and issue investor visas for the heads of structural units of foreign companies.
Moreover the procedures for foreign workers hiring for the investment projects will be simplified.
"Investors will have the right to hire foreign workers for the period of the investment project and one year after its launch without quota and permits for foreign labor," Dossaev said.
Foreign investors will also be protected from any changes in legislation.
"Investors' survey ...shows that the lack of transparency and stability in the legal and regulatory environment is one of the main negative factors reducing Kazakhstan's investment attractiveness. So we are working to introduce the principle of ten years legislation stability in the tax, migration and environmental spheres and predictable regulated tariffs and prices in the long term ", Dossaev said.
The foreign investors will also have expanded access to the international commercial arbitration.
Kazakhstan also plans to introduce additional incentives for multinational companies in investment projects. In particular the state will compensate up to 30 percent of investors' capital costs, exempt them from corporate income tax for a period 10 years and will ensure orders for goods and services from national holdings and companies and government agencies.
Moreover Kazakhstan will introduce a single window principle when issuing permits and information for investors, subsidize part of its costs for energy and transportation and increase the leasing period of agricultural lots.
The country also has created 10 special economic zones and stimulates export.