Ministry of National Economy to adopt Concept on Investment Policy until 2025

Measures to fulfill the instructions of the President Kassym-Jomart Tokayev, given on Jan. 11, 2022, during his speech in the Majilis of the Parliament were considered at the government session. Minister of National Economy Alibek Kuantyrov reported on the economic situation.

In his speech in the Majilis of the Parliament on Jan. 11, 2022, the Head of State gave instructions on comprehensive improvement of the socio-economic situation in the country. According to the minister, in order to form the program, it is proposed to work with state bodies on issues covering measures to curb inflation, ensure employment, increase wages for certain categories of citizens and implement other measures. As part of the implementation of the Law on the new regulatory policy in the field of entrepreneurial activity, a complete revision of the entire array of state regulation will be carried out.

A number of measures are being worked out to strengthen the revenue side of the budget.

First, getting additional revenue from the mining sector. It is proposed to establish a mechanism for calculating the additional amount of the MET for all solid minerals with reference to the price environment.

Second, the withdrawal of part of the margin from the chain of producers and suppliers of petroleum products.

“In February 2021, the ministry plans to adopt the Concept of Investment Policy until 2025. As part of it, the investment attraction policy will be revised taking into account the requirements of the ESG, the global energy and technological transition,” Kuantyrov said.

The following proposals are being worked out by the ministry for further reforming interbudgetary relations.

First. Similar to the mechanism for transferring CIT revenues from SMEs, from 2023 it is planned to transfer certain types of tax revenues to the local level.

Second. It is proposed to minimize counter financial flows between the center and the region.

To implement the proposed measures, a package of amendments to the budget legislation will be prepared. Currently, these approaches are being developed with central and local executive state bodies, as well as organizations.

“Proposals on other instructions of the Head of State will be carefully worked out and additionally presented in the near future,” the Minister of National Economy added.

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