CU countries increase investment in Kazakhstan
By Aynur Jafarova
Kazakhstan's Tax Committee is seeing a growth in the number of investors from the Customs Union countries -Russia and Belarus.
The news was announced by Kazakh Finance Ministry's Tax Committee head Anvar Jumadildayev at a briefing held in Astana at the Central Communications Office, Trend Agency reported on April 16.
He said there is an annual increase in the number of Kazakh legal entities operating with the participation of investors from the Customs Union member states.
The number of investors from the union was 4,737 in 2013, which shows an increase compared to 4,314 in 2012.
He said since the formation of the Customs Union, there has been an annual growth in revenues from value-added tax (VAT) on imports from Russia and Belarus.
"Thus, the total amount of VAT on imports from these countries totaled 367 billion tenge in 2013, and the revenue growth compared to 2012 was almost 41 billion tenge," Jumadildayev noted.
The volume of taxable imports from the Customs Union countries totaled 3.059 trillion tenge in 2013, which exceeded the same indicator for 2012 by 340 billion tenge.
Imports increased by 352 billion tenge in 2012 compared to 2011, reaching 2,719 trillion tenge.
Jumadildayev also said work is underway to improve the draft treaty on Eurasian Economic Community, which is based on international agreements concluded between member-states that regulate taxation in terms of indirect taxes.
The Customs Union was established in 2010. The purpose of the organization is to form a single customs territory within which no customs duties or economic restrictions are applied. The Single Economic Space of the Customs Union started operating on January 1, 2012.