Kazakhstan Ready To Create Favorable Conditions For Foreign Business — FM

Kazakhstan Ready To Create Favorable Conditions For Foreign Business — FmASTANA (TCA) — Kazakhstan is ready to create favorable conditions for foreign businesses, the Minister of Foreign Affairs of Kazakhstan Erlan Idrissov said at a briefing for the foreign diplomatic corps in Astana on August 17, the official website of the Prime Minister of Kazakhstan reported.

Commenting on the amendments to Kazakhstan’s tax laws, Idrissov noted that the issues of fiscal responsibility, financial transparency and targeted budget spending are key in Kazakhstan’s efforts to reform the public system of financial control in the framework of the implementation of the standards of the Organization for Economic Cooperation and Development (OECD) and in accordance with international obligations in the field of human rights and democracy.

“The adopted rules not only meet the international practice but also the key directions of the Program ‘100 concrete steps’ within the Five Institutional Reforms implemented at the initiative of the President of Kazakhstan,” the Foreign Minister stressed.

The Chairman of the State Revenue Committee of the Ministry of Finance of Kazakhstan, Daulet Ergozhin, stressed that the amendments will not affect foreign businesses. According to him, the new norms of the legislation will open the possibility for greater transparency of foreign financial flows in Kazakhstan for the OECD member states and other international partners of Kazakhstan.

“Kazakhstan is concerned about the state of foreign businesses in the country, and we are ready to create favorable conditions for them and the State Revenue Committee is open to work with the diplomatic corps and foreign business,” Foreign Minister Idrissov assured the foreign diplomats.

The amended Law “On payments and payment systems” will come into force on October 10 this year. Under the law, within 10 days after a transaction with a foreign entity, it is necessary to provide notice to the tax authorities.

Similar practice exists in the OECD countries, the US, the UK, China, and Israel.