Kazakh PM chairs meeting of Council for Improving the Investment Climate
At the meeting the reports by Canada’s Ambassador Nicholas Brousseau, EU Ambassador Sven-Olov Carlsson, US Chargé d'affaires ad interim Theodore Ling, UK Chargé d'affaires ad interim Jonathan Layfield, and the reps of EY, Exxon Mobil, Deloitte, and other companies made their reports on the prosepcts for the improvement of tax policy in Kazakhstan, global strategies of corporate taxation and their roles in forming a favorable investment climate. Kazakh National Economy Minister Asset Irgaliyev and Vice-Minister of Finance Kanat Baedilov also presented reports.
The foreign reps praised the measures taken in the country to implement reforms in tax administration as well as gave a number of recommendations to further upgrade the fiscal system.
The Kazakh PM stressed that in the first quarter of 2021, the most dynamic development was observed in the real economic sector, noting a 7.5% growth in manufacturing, a 13.1% growth in construction, and a 2.8% growth in agriculture. He also pointed out the 34% rise in investments in fixed capital not including the mining sector and the positive dynamics in the service sector, trade, and transport.
According to the PM, the anti-crisis measures taken by the Government led to the improvement of the GDP growth projection for Kazakhstan from 3.0% to 3.2% in the IMF’s April 2021 World Economic Outlook. Moody’s, Fitch, and Standard&Poor’s also confirmed the pre-pandemic ratings and forecast positive 3,2-3,8% for the country.
The Kazakh PM added that reforms in the tax system will make it more agile and allow for increased amounts of internal and external investments in the Kazakh economy, committing to the efficient implementation of the recommendations to further improve Kazakhstan’s international stance as a reliable and predictable State with a clear and transparent tax system.