By Kamila Aliyeva
Operating enterprises will be granted investment preferences in Kazakhstan, the press service of the Kazakh Ministry for Investments and Development reported.
“Within the framework of the law on taxation issues, amendments and supplements are made to the Business Code, as regards investment projects, preferences and conditions for their provision,” the message said.
It is envisaged that the current enterprises will be exempted from corporate income tax for a period of three years in order to improve investment climate in the country, according to the information of the ministry’s investment committee.
“This privilege will be valid with an investment of at least 5 million monthly calculation index (MCI). The requirement for a newly created legal entity before the day of filing an application for investment preferences (24 months) is excluded. At the same time, the Tax Code introduces keeping separate records,” the department explained.
The list of documents attached to the application for investment preferences is also optimized. Thus, a number of documents that justify the estimated cost of construction and installation work and the costs of acquiring fixed assets, raw materials and (or) materials are excluded.
The new Tax Code was signed by the Kazakh President Nursultan Nazarbayev in December 2017 and entered into force on January 1, 2018.
It is expected that with the adoption of new Tax Code, tax disputes will decrease, the number of inspections will be reduced, and the tax policy will become clearer and more predictable.
Kamila Aliyeva is AzerNews’ staff journalist, follow her on Twitter: @Kami_Aliyeva
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