Economics

Over 1 mln businessmen to be exempted from income tax in Kazakhstan

Photo: Kazpravda.kz/Adilbek Tauekelov
Almost all micro and small business entities in Kazakhstan will be exempted from income taxes for three years, said First Deputy Prime Minister and Finance Minister of the Republic of Kazakhstan, Alikhan Smailov, on the sidelines of the meeting of the Senate, Kazpravda.kz reports.

“We have 1 308 000 micro and small business entities, 1 236 000 or almost all of them use the special tax regime - a patent work, a simplified declaration, where they pay 2 or 3 % of total income. And these persons will be exempted from paying income taxes for three years," said Smailov.

He specified that the implementation of this measure will result in losses of local budgets in the amount of 108 billion tenge, but they will be fully reimbursed due to general transfers from the republican budget.

At the same time, he emphasized that now in Kazakhstan there is a positive growth trend in the number of micro and small business entities, and the Government faces the task of increasing their share in the economy up to 35% by 2025, and by 50% by 2050.

Recall, September 2, 2019, the President of the Republic of Kazakhstan, Kassym-Zhomart Tokayev, voicing his first Message to the people of Kazakhstan, instructed to develop legislative amendments and to exempt small and micro-business companies from income tax for 3 years from 2020.
16:25, 17 October 2019
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