The Minister of National Economy, Nurlan Baybazarov, shared during a government meeting on March 5th the efforts being made to attract investments in Kazakhstan. He highlighted that ambitious goals have been set to attract investments, with plans to invest 22.1 trillion tenge in fixed capital by 2024, a 22% increase from the previous year.
Baybazarov mentioned that 234 projects totaling 2.3 trillion tenge are planned for implementation this year within the Unified Pool of Investment Projects. Measures are being taken to promptly address investor issues through the Investment Office. Prosecutors in all regions are overseeing projects as per the President's directive. Additionally, work on relocating 37 companies is ongoing.
Efforts are being made to enhance the effectiveness of Special Economic Zones (SEZs). A differentiated approach to providing tax incentives for SEZ participants based on the principle of "the more the investment, the greater the incentives" has been introduced.
The Minister also highlighted ongoing work to update the Investment Policy Concept until 2029, considering the development of a new National Development Plan. New KPIs on the investment climate, aligned with international ratings, are being considered. The updated Concept will be approved after the National Development Plan by July 1st.
To expedite infrastructure development, the possibility for investors to undertake infrastructure construction themselves is being explored. International construction standards are being considered to reduce investor costs in building production facilities.
Under the new Tax Code, a service-oriented tax administration model focused on taxpayers will be implemented. Taxpayers will receive fiscal assistance from registration to deregistration. The mechanism for freezing accounts for debt collection will be revised.
Tax reporting will be reduced by 30%, with a 20% decrease in tax payments. Stimulating and effective incentives will be retained. For instance, the VAT payment method for imports will be optimized. New projects in manufacturing will receive incentives for three years. Unification of tax incentives under the new Tax Code is being considered to streamline the process.
In conclusion, Nurlan Baybazarov emphasized that while existing incentives will be maintained, new measures to support businesses will be introduced. On March 5th, the new Minister of National Economy outlined strategies to achieve a 6% economic growth in Kazakhstan.
