Majilis approved draft law on improvement of investment climate in first reading

Date: 08:33, 04-06-2014.

Astana. June 4. KazTAG - Majilis deputies have approved the draft law "On amendments into some legal acts on perfection of investment climate" in the first reading.

"The draft law stipulates reconsideration of mechanisms and terms of contracts concluded with the investors, extension of investment preferences, and also the measures of investment climate improvement," said Yerbolat Dosayev, Minister of Economy and Budget Planning presenting the draft law to the deputies.

In his words additional state support measures for the concluded contracts will be introduced.

"It is exemption from corporate income tax for 10 years; exemption from land tax for 10 years; exemption from property tax for 8 years; up to 30% compensation of capital expenses of investor from the side of the Government after introduction of object in exploitation (investment subsidy). In addition stability of tax rates (except VAT and excise rates), ecological fees and payment terms to 10 years since the moment of contract conclusion with investors will be introduced," he said.

According to Dosayev, the draft law will give right to the investors to attract foreign labor power for the whole period of investment project construction and one year after its commissioning without quotas and permits.

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