Kazakhstan will halve corporate income tax for investors in high-value manufacturingThe draft New Tax Code of Kazakhstan provides for a reduction in the corporate income tax rate (CIT) for investors in high-value manufacturing from 20% to 10%, Deputy Prime Minister and Minister of National Economy Nurlan Baibazarov said."We propose a differentiated approach to the corporate income tax. (…) For investors in high-value manufacturing the corporate income tax rate will be halved to 10%. This approach should stimulate businesses to actively invest in the manufacturing industry," Baibazarov said in an interview with the official website of Kazakhstan’s prime minister primeminister.kz.On the other hand, in order to ensure sufficient revenues to the government budget, the CIT rate for high-margin financial transactions, in particular in the gambling business, will be raised. However, the existing rate will not change for the real sector of the economy, according to Baibazarov.Furthermore, the New Tax Code will reduce the existing tax benefits by at least 20% or by over 1.3 trillion tenge, he added.All investment preferences specified in the existing Tax Code will be kept unchanged in order to stimulate investment activities, and also new preferences will be added to make geological exploration projects more attractive for the investors.The New Tax Code will come into force in 2025. (ICE ALMATY)

Fonte notizia: INTERFAX