Kazakhstan may introduce investment tax credit

NUR-SULTAN. KAZINFORM - An investment tax credit is proposed to be introduced in Kazakhstan, National Economy Minister Ruslan Dalenov told the plenary session of the Majilis on Wednesday, Kazinform correspondent reports.

According to Dalenov, if introduced, an investment tax credit will be provided for three years. Such credits will be interest-free, but penalties are considered to be levied on overdue credits.

The minister went on to say that regulations to lower the amount of value added tax had been offered to apply for cotton processing, production of yeast, confectionery products, sugar (produced from sugar beets) in order to boost production volume and agricultural processing.

Local exporters will enjoy a simplified VAT refund, that is, 50% without inspection, 50% after inspection, the minister said.

VAT exemptions are also to be received by manufacturers of vehicles and agricultural machinery so as to increase Kazakhstani content.