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State of the Nation Address determines local business concerns, expert

5 September 2019 15:51
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State of the Nation Address determines local business concerns, expert

NUR-SULTAN. KAZINFORM – In the State of the Nation Address «Constructive Public Dialogue – the Basis of Stability and Prosperity of Kazakhstan» the President Kassym-Jomart Tokayev has determined critical aspects of local business and offered a remarkable support package for SMEs, says Danna Gafyatullina, a leading expert of the Center for Entrepreneurship Development at the Institute for Economic Research, Kazinform correspondent reports.

In her words, in the future the proposed initiatives may have a positive multiplier effect. It bears to remind that Mr.Tokayev instructed to develop a legislative framework to exempt micro and small business companies from paying income tax for a period of three years. This will create a zone of comfort and stability and attract potential entrepreneurs to do business. No doubt that will have positive impact on quantitative indicators of business such as an increase in the number of registered micro and small business entities, a number of active entities, a number of employees, a growth in output and labor productivity.

«As the final result, together with other measures of state support the mentioned initiatives will help increase the presence of micro and small businesses in the GDP of the Republic of Kazakhstan», said Danna Gafyatullina. The expert added that the President talked about the reset of state financial support for SMEs pointing out that new projects will be of high priority. For these purposes, within 3 years it is planned to allocate additional 250 billion tenge.

In her opinion, innovative projects, projects aimed at creating high added value, projects aimed at introducing green economy principles including utilization and processing of municipal solid waste as well as export-oriented projects should apply for the above mentioned state support.

Kassym-Zhomart Tokayev also instructed to develop a set of measures for state support of high-performance medium-sized export businesses.

According to her, the number of medium-sized enterprises in the country has grown steadily over the years. However, over the past few years there has been a sharp decrease in the share of active medium-sized businesses (by 0.2% in the total number of SMEs).

Recall that in the State of the Nation Address «Constructive Public Dialogue – the Basis of Stability and Prosperity of Kazakhstan» President Kassym-Jomart Tokayev determined critical aspects of local business and offered a remarkable support package for SMEs.

«I instruct the Government to develop a legislative framework to exempt micro and small business companies from paying income tax for a period of three years. Corresponding amendments to the legislation should enter into force from 2020,» the statement reads.



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