Kazakhstan ratifies agreement with IBRD on borrowing $17 mln for reform

ASTANA. January 25. KAZINFORM. Kazakhstan has ratified an agreement with the International Bank for Reconstruction and Development (IBRD) on the borrowing of 17 million U.S. dollar for the implementation of a project aimed at the tax administration reform.

Kazakhstani President Nursultan Nazarbayev signed a relevant law on Monday, Kazinform cites Itar-Tass.

The project is aimed at the reform and enhancement of the tax administration in order to increase taxpayers' responsibility for the compliance with the tax legislation, to raise the efficiency of the measures for the fight against non-payment of taxes and the administrative efficiency, as well as to decrease the potential for corruption.

Total expenditures for the implementation of the project are 56.7 million U.S. dollars, including 17 million U.S. dollars as loan from the IBRD and 39.7 million U.S. dollars as co-financing from the country's budget. IBRD grants the loan for the pay-back period of 15 years, including five years of grace period.

To read more visit www.itar-tass.com .