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Council for Improving Investment Climate considers implementation of tax reform in Kazakhstan

Wednesday, 21 April 2021, 15:56:32

At the meeting of the Council for the Improving Investment Climate chaired by the Prime Minister of Kazakhstan Askar Mamin, the implementation of the tax reform in Kazakhstan was considered.

Ambassador of Canada Nicholas Brousseau accredited in Kazakhstan, Ambassador of the European Union Sven-Olov Carlsson, the US Chargé d'Affaires ad interim Theodore Ling, UK Chargé d'Affaires ad interim Jonathan Layfield, as well as representatives of EY, Exxon Mobil, Deloitte and others. The Minister of National Economy Aset Irgaliyev and Vice Minister of Finance Kanat Baedilov made comments from the Kazakh side.

Foreign representatives positively noted the measures taken by Kazakhstan to carry out the reform of tax administration, and also made a number of recommendations for further modernization of the fiscal system of the Republic of Kazakhstan.

“In the first quarter of 2021, the real sector of Kazakhstan's economy developed most dynamically. Growth was noted in the manufacturing industry (+7.5%), construction (+13.1%) and agriculture (+2.8%). The growth of investments in fixed assets, excluding mining, was 34%. Positive dynamics is also observed in the service sector, including trade and transport,” Mamin said.

The Prime Minister stressed that as a result of the anti-crisis measures taken by the Government in the April review of the world economy by the IMF, the forecast for Kazakhstan's GDP growth in 2021 has been improved from 3.0% to 3.2%. Leading rating agencies Moody’s, Fitch and Standard & Poor’s also confirmed the pre-pandemic ratings and gave positive forecasts for the development of the Kazakhstani economy in the range of 3.2-3.8%.

“As a result of the reform, the tax system will become more flexible and will help to increase the volume of attracting domestic and foreign investment in the economy of the Republic of Kazakhstan. We will ensure the effective implementation of recommendations to further strengthen the international position of Kazakhstan as a reliable and predictable state with a clear and transparent tax system,” Mamin summed up.


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