Knowledge-based economy

Ideology of new Tax Code lays foundation for qualitative improvements - R.Dalenov

First Vice-Minister of National Economy Ruslan Dalenov noted that these documents provide changing of ideology, introducing incentives and simplifying administration during the discussion of the draft of the new Tax Code and accompanying draft laws in Almaty.
Astana city 11 October, 19:33

"Ideology will be aimed at protecting the interests of a bona fide taxpayer. All ambiguities and inaccuracies will be interpreted in favor of taxpayers. All the proposed amendments are proposed to be consolidated by one draft law and adopted no later than July 1", R. Dalenov said.

According to him, for the development of small and medium-sized businesses it is envisaged to maintain the existing special tax regimes. A new regime with mandatory accounting of income and expenses is proposed. The right to choose a mode is granted.

"In order to stimulate investment in exploration, the bonus of commercial detection, payment for reimbursement of historical costs for new licenses is canceled. To accelerate the exploration of solid minerals, a mechanism for rent payments is introduced", the First Vice-Minister said.

He noted that stimulating measures are also proposed for the recovery of the financial sector. This is a deduction due to the transition to a new international reporting standard. VAT benefits are offered for the automotive industry and special economic zones under a special investment contract (SIC). As it was reported in the Ministry of Energy of Kazakhstan, it is proposed to extend investment preferences to existing enterprises on new priority projects.

In addition, the three-vector administration, the preservation of the threshold for registration for VAT, the introduction of a VAT account, the reduction of the limitation period for small and medium-sized businesses from 3 to 5 years, and other changes are proposed.

"The new ideology, new incentives and new methods of administration are laying the foundations for qualitative improvements", R. Dalenov concluded.

As a result of his speech, a discussion of tax novels took place. The event was attended by representatives of business, government agencies and the public.