OREANDA-NEWS.  June 06, 2014. Majilis approved in first reading the draft law "On amendments and additions to some legislative acts of Kazakhstan on improving the investment climate".

"The bill provides for a review of mechanisms and conditions of contracts with investors, expanding investment preferences, as well as measures to improve the investment climate. Within the framework of signed agreements, introduction of additional measures of state support to investors is provided: exemption from corporate income tax for 10 years; exemption from land tax for 10 years; exemption from property tax for 8 years; investment subsidies - compensation up to 30 percent of capital expenditures of the investor after handover for commissioning," Minister of Economy and Budget Planning of Yerbolat Dossayev said presenting the bill.

Moreover, as the Minister informed, ensuring stability of taxes for investors, except value-added tax and excises, with the exception of areas of subsurface is being provided. Also, the principle of stability in predictability of tariffs and prices for investors in processing industry is being introduced. Principle of "one window" on the basis of the Investment Committee of the Ministry of Industry and New Technologies of Kazakhstan is being introduced, Institute of Investment Ombudsman is being put ionto operation legislatively and procedures for attracting foreign labour are being simplified.