PresidentPresident's Address

Tokayev instructed to exempt small businesses from income tax for 3 yrs

courtesy of RK President press service
Delivering his first State-of-the-Nation Address, President of the Republic of Kazakhstan, Kassym-Jomart Tokayev, instructed to develop legislative amendments and to exempt small and micro-business companies from income tax from 2020, correspondent reports.

The President emphasized that effective small and medium business is a sound foundation for the development of cities and villages.

"Small, and especially microbusiness, plays an important role in the socio-economic and political sphere of the country. First of all, rural residents are provided with stable jobs, unemployment is reduced, a tax base is created, local budgets are strengthened. Development of mass entrepreneurship makes it possible to get rid of paternalistic expectations and dependency. Therefore, the state will continue to support business in the future. About 100 billion tenge has been allocated from the National Fund for it," the President said.

The Accounts Committee and the Ministry of Finance were instructed to take strict control over the use of these funds.

“We believe in the integrity and law-abidingness of our business, which should be responsible to consumers and citizens. During the moratorium, it is necessary to activate the tools of self-regulation and public control. In cases of violation by business entities of the prescribed norms and rules, especially in the sanitary-epidemiological sphere, such companies will be closed, and their owners will be held accountable,” Tokayev said.

He recalled that from January 2020, his decision to ban inspections of small and micro-business entities is to be enforced.

Anastasia Prilepskaya
12:31,2 September 2019

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