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President’s Address: SMEs to save KZT382 bln

9 December 2019 14:25
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President’s Address: SMEs to save KZT382 bln

NUR-SULTAN. KAZINFORM – Ruslan Dalenov, National Economy Minister, spoke at the research-to-practice conference which took place in the Central Communications Service, Kazinform correspondent reports.

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According to his words, in the State-of-the-Nation Address Kassym-Jomart Tokayev instructed to provide state support for SMEs. To date more than 30% of the economically active population runs small and medium business. Over the last five years a number of SMEs has grown one-and-a-half times and reached 1,3 million.

The Minister noted that in accordance with the President’s Address subjects of SMEs SMEs are exempted from income tax for three years. The abatement will come into force beginning from January 1, 2020. Thus, within three years SMEs would save KZT382 billion.

Entities involved in production and wholesale of excisable goods; gaming industry; lottery; retail trade of gasoline, diesel and masut fuel oil; grain storage at reception centers; distribution of radioactive materials; banking, audit and insurance operations will not be exempted from income tax.

SMEs involved in security market; credit bureaus; security services involved in the circulation of civil and service weapons, and their ammunition; subsoil use, as well as foreign economic entities will not be exempted from tax as well.

«Along with the exemption of small and medium-sized businesses from tax, from January 1, 2020, a moratorium on inspections of SMEs for a period of 3 years is introduced. On average, about 100 thousand checks will not be carried out in 3 years. This will reduce the administrative burden, ensure the stability of the business environment, facilitate business and develop competition», the Minister added.

The first deputy head of the Presidential Administration Darkhan Kaletayev, Minister of Education and Science of the Republic of Kazakhstan Askhat Aitmagambetov, Director of the Institute of Eurasian Integration Yerlan Sairov, and director of the Kazakhstan Institute for Strategic Studies under the President of the Republic of Kazakhstan Zarema Shaukenova spoke at the conference.

In total, more than 80 representatives of government bodies, the scientific and expert community of Kazakhstan participated in the conference at the CCS.


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