PM sets deadlines for execution of President’s assignments

ASTANA. KAZINFORM - Prime Minister of Kazakhstan Bakytzhan Sagintayev has set deadlines of implementation of the new social initiatives outlined by President Nursultan Nazarbayev in Five Social Initiatives campaign on Monday, Kazinform reports.

According to the Prime Minister, the Kazakh National Bank will develop a new mortgage program "7-20-25" and set up a special organization. The new program provides for 7% interest rate, maximum 20% original interest rate and loan period up to 25 years.

"The Ministry for Investments and Development, the Ministry of National Economy, the Finance Ministry and the Baiterek Holding will join this work. The National Bank will be in charge of the mortgage program, and Minister for Investments and Development Zhenis Kassymbek will represent the Government in this work," the Prime Minister said at the Tuesday meeting of the Cabinet.

To fulfill the initiative of reducing tax burden for low-wage workers, Bakytzhan Sagintayev instructed ministries to introduce 1% income tax for the citizens whose salary is less than 25 MCI as of January 1, 2019.

"The released funds should be directed to pay raise of this category of individuals. It is also necessary to consider introduction of a progressive scale of income tax accrual. Bring forward specific proposals before July 1, 2018. Minister of National Economy Timur Suleimenov will be responsible for implementation of these tasks," the PM assigned.