Prime Minister Olzhas Bektenov holds Council meeting on improvement of investment climate

Under the chairmanship of the Prime Minister of Kazakhstan Olzhas Bektenov, a meeting of the Council for Improving the Investment Climate was held, where the issues of improving tax legislation, competition development and the introduction of international standards to combat corruption were discussed.

The Government of Kazakhstan is carrying out systematic work to further improve the investment attractiveness of the country. Currently, a new Tax Code is being developed, within the framework of which a service model of administration will be introduced. Thus, a taxpayer will be provided with fiscal assistance from registration to deregistration. It is expected that as a result, tax reporting in the country will be reduced by 30% and the number of tax payments by 20%. At the same time, effective incentives for business will be preserved. 

The Concept of Protection and Development of Competition in Kazakhstan until 2026 is being implemented, according to which the Government aims to reduce the share of the state in the economy to 14% by 2025. 

In addition, active work is underway to combat systemic corruption risks. Kazakhstan has acceded to the main international conventions in the sphere of combating corruption and money laundering - the Istanbul Action Plan against Corruption and joined the Group of States against Corruption. In general, constructive cooperation has been established with international organisations and foreign anti-corruption bodies. 

The executive director of the American Chamber of Commerce in Kazakhstan Doris Bradbury, Extraordinary and Plenipotentiary Ambassadors of Canada to Kazakhstan Alan Hamson, of the European Union Kestutis Jankauskas, director of the OECD Anti-Corruption Network Olga Savran, as well as heads of foreign companies-investors and government agencies spoke at the meeting via videoconference. 

Summarising the results of the meeting Prime Minister instructed to study all the proposals and recommendations voiced. Favourable investment climate plays an important role for reforms on qualitative modernisation of the economy in Kazakhstan. The issues of strengthening fair competition, protection of private property and demonopolisation are under special control. 

"The Head of State always emphasises the need to improve the country's investment climate. The government is ready to act as a reliable investment partner for all those who come to our country to conduct honest and open business. We intend to support the expansion of production facilities, increase localisation, implementation of new projects important for the country," Prime Minister Olzhas Bektenov stressed. 

#Olzhas Bektenov #The Prime Minister of the Republic of Kazakhstan #International Cooperation #Investments #Tax Policy

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