The Law On Amendments and additions to some legislative Acts of Kazakhstan on improving the investment climate dated 12 June 2014 intended to improve the investment climate and stimulate investors activities in priority sectors of economy. The new concept “Investment priority project” was introduced, which represents the project implemented by a newly established legal entity with respect to certain priority types of activities list of which is approved by the RK Government, and providing for investments in the amount of at least two million monthly calculation indices. The package of incentives for investors includes the following: Simplification of visa regime, the introduction of a non-visa regime for the citizens of USA, Germany, Italy, France, Netherlands, Great Britain, Republic of Korea, Japan, Malaysia and UAE for the period up to 15 days. Facilitation of the procedure for the attraction of foreign man power in the from of the right to attract foreign man power for the entire period of the investment project plus one year following the commencement of the investment object without obtaining work permits. Guarantee of legislation stability for the period of 10 years in taxation, migration and ecology issues. Introduction of additional incentives for transnational companies on investment projects: Сompensation of up to 30% of capital cost (investment incentives) by the State upon the commencement of an investment object; Exemption from payment of corporate income tax for the period of 10 years; of land-tax for 10 years; of property tax for 8 years; Long-term guaranteed orders from interested entities, in accordance with the investment contract; Customs duty exemption. Introduction of the institute of “Investment ombudsman”, who considers issues arising upon investors enquiries in the course of implementation of investment activities; supports in pretrial and trial issues; proposes recommendations on the improvement of RK legislation. The Committee on Investments of the Ministry of Industry and New technologies was empowered to coordinate the granting of approval documents and information on requests of investors.
Posted on: Fri, 04 Jul 2014 07:30:30 +0000
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