Kazakhstan’s President signs amendments to improve the country’s investment climate

Kazakhstan’s President Nursultan Nazarbayev has signed a law on enhancement the country’s investment climate, Tengrinews.kz reports.

As Economic Affairs Minister Yerbolat Dossayev announced earlier, the law introduces new preferences for investors. Notably, investors are now offered such supporting measures as exemption of the income tax for a 10-year-long period; exemption of the land tax for the same period; exemption of property tax for 8 years; compensation for up to 30% of capital investments by the state after the production facility has been put in operation.

The law also introduces stable tax rates and fees (excepting VAT and excise taxes) for 10 years; besides, investors are vested with the right to import work force in excess of the set quotas for the whole construction period and for a year following the commissioning of the production facility.

The package of incentives will be offered for new investment projects worth at least $20 million in industries of prime importance. To enhance the overall investment climate and ensure predictability of tariffs in certain industries, tariff ceilings will be set for a period of 5 or more years. To safeguard rights and interests of investors, the law introduces the institute of the investment ombudsman.