08.08.2008, 12:28 2508

Tax Code project expects to unify conditions for activity in FEZ territories

Tax Code projects will unify conditions for activity in free economic zone (FEZ) territories. The Minister of Economics and Budgetary Planning, Bahyt Sultanov stated during the session of the round table devoted to discussion of the concept of the new Tax Code on Thursday, the agency reports.

Astana. August 8. Kazakhstan Today - Tax Code projects will unify conditions for activity in free economic zones (FEZ). The Minister of Economics and Budgetary Planning, Bahyt Sultanov stated during the session of the round table devoted to discussion of the concept of the new Tax Code on Thursday, the agency reports.

"The project of the code will unify work conditions in all FEZ territories in regards to corporate surtax with investment tax preferences mode," B. Sultanov said.

"Exemption from land tax and property tax will be valid only in FEZ territory," he noted.

The Minister emphasized that investors who already carry out activity in FEZ territories will have an opportunity to use operating mode for over the next 5 years. Investors who have already concluded contracts on investment preferences will have an opportunity of using operating preference mode until expiry of the term of their contract.

The proposed unified investment stimulus will support being modernized enterprises, provide transparency of granting of tax concessions and avoid excessive tax control," B. Sultanov emphasized.

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