Kazakhstan passes amendments improving investment climate
Baku, Azerbaijan, June 10
By Elena Kosolapova- Trend:
Kazakh President Nursultan Nazarbayev signed the law on amendments and supplements to some legislative acts on improvement of investment climate, Kazakh presidency reported on June 10.
The law is aimed at improving the investment climate, stimulating further activity of investors, providing a mechanism for the investment incentives provision through the conclusion of investment contracts, as well as ensuring the state support for investors, implementing investment projects in the priority activities.
The law envisages additional measures of state support for investors such as exemption from corporate income tax and land tax for 10 years, exemption from property tax for 8 years and compensation of up to 30 percent of investor's capital costs following the project commissioning.
All the tax rates (excluding VAT and excise taxes) will be "stable" for the investors during 10 years after the conclusion of contracts.
The investors will be allowed to employ foreign labor for the entire period of the investment project implementation and one year after its commission without any quota and permission.
The law also envisages provision of investment subsidies, simplification of procedures for foreign labor recruitment and "the legislation stability" within the contract signed with investors.
Kazakhstan also implements the principle of "one window" on the basis of the investment committee under the Ministry of Industry and New Technologies in order to minimize the investors' participation in collection and preparation of documents, and their contacts with the bodies providing state services.