Kazakhstan Tax and Investment: Fall 2017

kazakhstan-1184097_1280 (1)During the opening session of Kazakhstan’s Parliament on 4 September 2017, Kazakh President Nursultan Nazarbayev devoted a large part of his presentation to the challenges facing Kazakhstan’s economy, achieving investment-led growth, and the role of fiscal policy in consolidating recent improvements in GDP growth. He also referenced the new draft Tax Code, which seeks to eliminate ineffective incentives and preferences while diminishing the shadow economy and simplifying tax administration. Continue reading “Kazakhstan Tax and Investment: Fall 2017”

A Closer Look: My Time at EXPO-2017

Last week, I was honored to participate in the Eurasian Week Forum, an annual event aimed at the development of the Eurasian Economic Union’s (EAEU) economy, investment and export potential, during my visit to Astana, Kazakhstan for EXPO-2017. The Forum served as an effective platform for developing business-to-business contacts, discussing tools and conditions for business development in the EAEU, and elaborating the strategy of EAEU economic development in the context of global challenges.

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Kazakhstan: Tax Update

Tax and Customs Code Unification

During a press briefing last week with visiting IMF Managing Director Christine Lagarde, Kazakh Prime Minister Karim Massimov stated that the Kazakh Government does not intend to speed up the work on unifying the Tax and Customs Codes, noting that, “We have developed a new Tax Code, which is likely to be aligned with the Customs Code. Initially we planned to have come up with concrete decisions this year, but now we have decided that we need about one year to make a final decision.”
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Fact-Finding Mission Conducted for Kazakh Officials

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On 8-12 March, ITIC Kazakhstan organized a fact-finding mission for officials from the State Revenue Committee of the Kazakh Ministry of Finance. The following Kazakh officials met with officials at the Federal Tax Service of Russia to exchange information and share experiences as Kazakhstan begins implementing best practices and following OECD norms:

  • Aisulu Burambayeva (Deputy Head of the Special Department)
  • Aliya Alenova (Senior Expert of the Special Department)
  • Agera Rakhmetova (Senior Expert of the Special Department)
  • Daniyar Khassenov (Expert of the Special Department).

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Astana-Houston Videoconference with Kazakhstan Officials

On 17 February, ITIC chaired a Caspian Mineral Tax Committee (CMTC) videoconference linking senior Kazakhstan tax officials with oil and gas industry representatives gathered in Houston as part of EY’s annual CIS energy tax conference. Below are highlights of the discussion, which focused on BEPS implementation and the tax and customs reform agenda in Kazakhstan. Fiscal legislation regulating these issues will be submitted to the Parliament in early Fall 2016. ITIC will continue to monitor this process and advise sponsors of opportunities for comment and analysis.

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