AK Zhol suggesting tax exemption of new small and medium companies

Ak Zhol democratic party is suggesting to exempt newly established small and medium businesses from taxes for 3 years from the moment of their foundation, Tengrinews.kz reports citing the letter to Kazakhstan President distributed on September 7 before the meeting of Atameken Kazakhstan National Economic Chamber, that was earlier headed by the current chairman of Ak Zhol party Azat Peruashev. The party members consider that VAT is a complex administrative tax and thus the most corruption-prone one. Ak Zhol is also suggesting to exempt companies that contribute to industrial development of Kazakhstan from VAT for the mount equivalent to the investments made into the industrial company. Besides, the party is calling for cancellation of all limitations on concessional taxation in agriculture. “Selective application of the discount VAT rate only to certain sectors and products of agricultural processing is a barrier for improvement of the agricultural goods processing,” the party said. Leader of Ak Zhol said that the party is planning to collect signatures for this letter. “The difference between Atameken and Ak Zhol party is that Atameken applied to authorities mainly as a member of the business community. Ak Zhol is a party and it appeals to the public. That is why we are calling Kazakhstan residents to collect signatures and we will then submit the letter to the state authorities,” Peruashev said.