Kazakhstan introduces special tax regime
Kazakhstan has introduced a special tax regime. The local government has already established a list of business activities for its application. It will affect those companies that were subject to restrictive quarantine measures during the pandemic. The new tax regime is designed for two years as an anti-crisis measure to ensure tax relief for entrepreneurs. Businesspeople who meet the criteria will be expected to pay only 3 percent of their revenues, Kazakh Prime Minister Askar Mamin announced at a government meeting. In addition, starting this year, payments of property and land taxes have been combined into a single payment. The land tax has been abolished for owners of apartment buildings. Last year alone, more than 700,000 legal entities and individual entrepreneurs received large-scale tax benefits.
“At an extended government session, the President instructed to prepare proposals to relax tax measures through digital approaches. The proposed changes will allow to officially employ up to 500,000 employees, reduce the burden on the payroll budget, simplify the procedure for fulfilling tax obligations and attract new investments to the country’s economy,” said Kazakh Prime Minister Askar Mamin.
Today, the prospects of developing renewable energy sources were also discussed at a government meeting. By 2025, the share of clean energy production in Kazakhstan is expected to increase twofold. To date, this figure has reached 3 percent. Experts say that overall, the capacity of the country’s renewable energy facilities has increased 10-fold over the past six years. There are already 116 such projects in Kazakhstan. This list will be expanded by another 23 this year. Experts believe that by 2030, 10 percent of all energy will be generated using green technologies. In the long term, renewable and alternative energy sources will account for at least half of total electricity generation by 2050.