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  • Senate Committee reviews draft laws on special economic and industrial zones
27 March, 2019 12:32

Senate Committee reviews draft laws on special economic and industrial zones

The paper regulates the creation, operation and termination of special economic and industrial zones, specifying the functions of the managing companies, a press release sent by the Senate of Parliament reads.
Senate Committee reviews draft laws on special economic and industrial zones | Strategy2050.kz

The Committee’s expanded meeting on economic policy, innovative development and entrepreneurship viewed a draft law on special economic and industrial zones, focusing on improving legislation in the area of special economic zones’ regulation, as well as legal regulation of industrial zones’ activities.

The paper regulates the creation, operation, and elimination of special economic and industrial zones, with the competencies of the Government, authorized body, central and local executive bodies are laid down by law, as well as types of industrial zones, rights, and obligations of participants of such zones.

As part of the draft law, the functions, the status, the order of funding and eliminating managing companies of special economic and industrial zones are specified.

Along with that, it is envisaged to create a single focal point tasking it with developing, promoting and increasing the investment attractiveness of special economic and industrial zones.

The draft law enshrines a special legal regime of special economic zones and the operation terms of special economic and industrial zones, including taxing, customs regulation, PPP (public-private partnership) and guarantees of legal protection for participants.

The draft law amending and supplementing some legislative acts of the Republic of Kazakhstan in regard with special economic and industrial zones, investments’ attraction and development and promotion of exports, as well as welfare, was also under discussion. Developed in a bid to implement the Head of State’s instruction given at the opening of the 3rd session of the 6th Parliament of Kazakhstan on improvement of legislation relating to special economic and industrial zones, as well as the instructions voiced at the 8th Congress of Nur Otan Party Feb.27, 2019, regarding the enhancement of social support measures to families with low income and with many children, the draft law aims at bringing the norms of the legislative acts of the Republic of Kazakhstan into line with the draft law on special economic and industrial zones.

The draft law amends and supplements several legislative acts, focusing on new approaches in special economic zones’ activities, regulating the operation of industrial zones and attracting investments.

It also regulates the order of receiving and exploiting land and infrastructure facilities by participants of special economic and industrial zones. Full and partial funding from the budget of industrial zones of republican and regional significance is envisaged.

Amendments with respect to taxing allowing the managing companies to reduce amounts of the tax calculations and payments to 100% when determining the amount of land tax, property tax and land payments for maintaining special economic and industrial zones, are proposed.  

The draft law provides for social support measures to citizens with low income or families with many children through increasing the criteria for providing targeted support to 70% of the subsistence minimum, establishing the minimum payment per child to the families with low income totaling 20 789 tenge, as well as increasing the amount of a monthly State allowance by 30% to the parents bringing up a disabled child and that to the persons engaged in caring for I group disabled persons since childhood.

As part of the draft law, a mechanism to partially subsidize the down payment of a mortgage loan under the 7-20-25 Program from the local budget is being introduced for qualified teachers, medical workers, police officers, and other specialists.

To further develop and promote export, the draft law includes State guarantees, as it defines the terms of providing State guarantees, their formats, inventory, fulfillment and the ground for termination, as well as the requirements for the person claiming such guarantees.

The papers are submitted to the Chamber. 

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