Olzhas Bektenov gives instructions on tax and financial sector reforms

At the Government session on the implementation of the message of the Head of State to the people of Kazakhstan Prime Minister Olzhas Bektenov noted the importance of reforming the tax and financial spheres to ensure sustainable economic growth, El.kz cites primeminister.kz.

In connection with the President's instruction to postpone the adoption of the Tax Code to next year, the need to finalise key aspects of the document was noted. The Ministry of National Economy together with government agencies will have to develop legislative amendments to establish differentiated rates of individual income tax, taxation of dividends of bank shareholders, as well as the revision of special tax regimes. At the same time, the Finance Ministry needs to finalise the commissioning of a number of information systems, such as the "Integrated Tax Administration System", "Integrated Database" and "Keden" by the end of this year. The launch will improve the quality of services to taxpayers, simplify and automate certain processes.

Special attention during the meeting was paid to the fulfilment of the revenue part of the budget. Head of State Kassym-Jomart Tokayev emphasised this issue in his Address.

In addition, the President has set a task to form a pool of turnkey projects with the participation of international financial organisations, which will be further financed through the mechanism of public-private partnership (PPP). In this regard, the Ministry of National Economy has been instructed to work with the Ministry of Finance and the Kazakhstan PPP Development Centre on the creation of funds for the preparation of such projects with the involvement of international financial institutions and the possibility of using loans under the state guarantee.

Head of State in his Address to the people of Kazakhstan also pointed out the complexity of the system of state support measures. To ensure transparent and equal access of business entities to these measures, the Ministry of National Economy has been instructed to conduct an audit and create a single register of business support.

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