OREANDA-NEWS. June 11, 2014. The draft law "On amendments and additions to some legislative acts of Kazakhstan on improving investment climate" was discussed at the meeting of the Committee on Finance and Budget of the Senate under the chairmanship of Rashit Akhmetov.

"The bill introduces additional measures to support investors under the contracts concluded. They are exemption from corporate income tax for 10 years; land tax for 10 years; property tax for 8 years. After putting into operation, up to 30 percent of capital costs will be reimbursed by the state," Deputy Minister of Economy and Budget Planning of Kazakhstan Marat Kusainov said presenting the bill.

According to him, it is planned to introduce tax stability for investors for 10 years after the conclusion of the contract. Within the framework of agreements concluded investors will be able to attract foreign labour without quotas within one year after commissioning. Following function is being introduced to competence of the Ministry of Industry and New Technologies - to assist investors in securing a guaranteed order at concluding contracts.

M. Kusainov also informed that introducing the principle of "one window" for investors is planned on basis of the Ministry of Industry to reduce direct contacts with public authorities.

Vice Minister noted that given stimulus package is intended for investment projects worth at least US\\$ 20 million.

Setting maximum tariffs for services of natural monopolies for 5 and more years are also provided to improve investment climate for investors. In addition, introduction of investment ombudsman is offered to protect the interests of investors.

After discussion, the Committee decided to submit the bill for submission to the House at a plenary meeting.