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Nazarbayev says rich Kazakhs should keep money at home

12 march 2015, 22:13
0
Photo courtesy of lenta-ua.net
Photo courtesy of lenta-ua.net

President of Kazakhstan has urged Kazakh businessmen to keep their money in Kazakhstan instead of hiding them on foreign accounts, Tengrinews reports.

"The businessmen should understand. Look, no one was punished in the previous legalization. I once again guarantee you, bring the money back to Kazakhstan, let them work for you here. Maybe we have been too harsh, maybe something needs to be improved in the law enforcement matters? But it is necessary to bring back the money, make it work. Firstly, it will be intact; secondly, it will work for the homeland; and thirdly, you will live here peacefully and sleep calmly," Nazarbayev addressed Kazakhstan's business community at the XVI Congress of the Party Nur Otan in Astana on March 11.

The President noted that the property legalization campaign that is currently underway in Kazakhstan was a window to bring back the capital from abroad. He also reminded that in two years there would be a universal declaration of both revenues and expenditures introduced for the entire population of Kazakhstan, all 17.5 million people.

"Then, difficult questions will arise," the president warned.

"You see, it’s impossible to hide anything abroad, wherever it is, it can be found," Nazarbayev said and reminded that recently data on 100,000 people around the world who were keeping their money in one of the foreign banks was made public.

"No one loves us there (abroad), no one is waiting for us there. Everything is here," Nazarbayev said.

The President also noted that his recent appeal to support domestic producers and purchase Kazakhstani goods were not simply words but a patriotic call to all the Kazakhs. "We need to consume our own," he said.

Kazakhstan Parliament adopted the law "On amnesty of citizens of the Republic of Kazakhstan, repatriates and persons holding a residence permit in the Republic of Kazakhstan In connection with legalization of their property" on 19 June. The law is supposed to help cut the shadow economy, attract additional funding and increase a flow of investments into the country.

According to the Vice-Prime-Minister and Minister of Finance of Kazakhstan Bakhyt Sultanov, the expected inflow of money and property amounts to $12 billion. The legalization campaign started on 1 September 2014 and will last until 31 December 2015. As part of the campaign, money, securities, stakes and real estate can be legalized.

Those willing to legalize property need to file an application for property legalization to the tax authorities dealing with the appropriate type of property (other than money). A special commission in the authority has up to 30 days to review the application. A fee of 10 percent [of the cost of the property] shall be paid to legalize the property located outside of Kazakhstan.

Reporting by Renat Tashkinbayev, writing by Dinara Urazova, editing by Tatyana Kuzmina


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