Alikhan Smailov chairs Council on Improving Investment Climate

Proposals on further development of tax administration were considered at the regular meeting of the Council on Improvement of Investment Climate chaired by the Prime Minister of Kazakhstan Alikhan Smailov.

The event was attended by Ambassadors Daniel Rosenblum of the USA, Cathy Leach of the UK, Kęstutis Jankauskas of the European Union, Alan Hamson of Canada, Doris Bradbury, Executive Director of the American Chamber of Commerce in Kazakhstan, as well as representatives of big business and the central government agencies accredited in Kazakhstan.

In his speech, the Prime Minister said that the Government would continue the course of building a competitive market economy, focused on moving away from excessive government interference and ensuring equal opportunities for all its participants.

"In this direction measures to strengthen healthy market competition, to improve legislation and judicial practices, to combat corruption are being implemented. This will significantly strengthen the system of protection of business interests and rights, and create broad economic opportunities for investors," Smailov said.

He stressed that in order to improve the fiscal policy, the Concept of Public Finance Management by 2030 was adopted, and in order to reset the fiscal policy the new Tax Code will be developed in 2023.

He said all work on improving tax legislation will continue in close cooperation with taxpayers, experts and international consultants.

"Particular attention will be paid to simplification and digitalisation of tax administration, expansion of corporate income tax benefits for reinvestment of profits," Alikhan Smailov said.

During the meeting participants discussed recommendations to improve the efficiency of tax policy, the development of the new Tax Code, customs processing of goods, the protection of intellectual property rights and strengthening business relations between Kazakhstani and foreign entrepreneurs.

Summing up the discussion, the Prime Minister stressed that all the proposals and recommendations voiced will be elaborated by the relevant state authorities.

"The Kazakhstan Government is ready to continue cooperating with investors on all topical issues of tax policy," he concluded.

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