Number of new tax privileges offered for investors in Kazakhstan

AKIPRESS.COM - The government of Kazakhstan considers a number of tax privileges for participants of the international financial center Astana, Vlast.kz reported.
The new amendments to the constitutional law on activities of the Astana International Financial Center have been considered on Tuesday at the meeting of the Cabinet of Ministers.
According to Vice Minister of Finance Berik Sholpankulov, the first phase of amendments is investment tax residency, which is a worldwide program.
The draft law implies introduction of the term investment residency and a program of investment tax residency.
The main purpose of the program is attraction of investments in exchange of obtaining by investor and his family members multiple entrance visas to Kazakhstan.
The bill also offers tax exemption for investors. This is applied to investors attempting to manage their tax expenditures by increasing investment attraction of the country.
The second phase of the amendments says that the members of the Astana International Financial Center will be able to adopt documents regulating labor relations and procurement procedures.
All bills should start working from January 1, 2020, Prime Minister Askar Mamin ordered.