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2020 DOING BUSINESS IN KAZAKHSTAN © COPYRIGHT, 2020 4 DOING BUSINESS IN KAZAKHSTAN 4 7 Tier 25 Overall Position Tier 4 for enforcing contracts 22 Tier 7 for protecting minority investors 25 24 Tier 22 for starting a business Tier 24 for property registration Tier 37 for dealing with construction permits 37 37 According to the World Bank: https://www.doingbusiness.org/en/rankings DOING BUSINESS IN KAZAKHSTAN KAZAKHSTAN’S RATINGS IN DB BY YEAR DB 2014 DB 2015 DB 2016 DB 2017 DB 2018 DB 2019 DB 2020 0 10 20 30 25 28 40 35 36 50 53 51 60 70 80 76 According to the World Bank: https://www.doingbusiness.org/en/rankings KAZAKHSTAN IN NUMBERS BUSINESS AND TERRITORY POPULATION MAIN INDUSTRIES ECONOMY TAXATION POPULATION CAPITAL CITY Oil Titanium NOMINAL GDP LABOUR FORCE (2018) 19 million Nur-Sultan Coal Bauxite $170.326 billion (nominal, 9.139 million iron ore Gold 2019 est.) Urban population 14 provinces and 2 cities of Manganese Silver $540.984 billion (PPP, 2019 UNEMPLOYMENT RATE percentage is 58% of the national significance: Chromite Phosphates est.) (December 2019) 4.8% total population Almaty and Shymkent Lead sulfur GDP growth Zinc Uranium 4.1% (2018), 4.5% (2019e) − CPI INFLATION 5.4% AGE STRUCTURE - 2019 LANDLOCKED AREA Copper iron 3.0% (2020f), 2.5% (2021f) 0–15 years (29.9%) 2,724,900 km2 steel; Stock exchange 16–62 years (59.1%) GDP PER CAPITA Kazakhstan Stock 63 and above (11.0%) NEIGHBORING (2018) US$9,813 Exchange (KASE) Central COUNTRIES Tractors and Electric Bank National Bank of LANGUAGES Russia, China, Uzbekistan, other motors, GDP COMPOSITION BY Kazakhstan Kazakh (official language) Kyrgyzstan and agricultural construction SECTOR Russian (interethnic Turkmenistan machinery materials (2018) Agriculture (4.4%); CORPORATE INCOME TAX communication) industry (28.2%); services RATE - 20% (55.5%) INDIVIDUAL INCOME TAX EXTERNAL DEBT AS A RATE - 10% PERCENTAGE OF GDP (Q3 STATE VALUE-ADDED 2019) 32.6% TAX - 12% Currency unit Kazakhstan tenge (KZT) According to the World Bank: https://data.worldbank.org/indicator/BX.KLT.DINV.WD.GD.ZS?locations=KZ KAZAKHSTAN IN NUMBERS EXPORTS IMPORTS FDI STOCK PUBLIC FINANCES CREDIT RATING $58 billion (2019) $38 billion (2019) $161.6 billion (31 December PUBLIC DEBT STANDARD & POOR'S 2017 est.) 20.8% of GDP BBB+ (Domestic) EXPORT GOODS IMPORT GOODS (2017 est.) BBB (Foreign) oil and oil products machinery and equipment ABROAD BBB+ (T&C Assessment) natural gas metal products $35.04 billion BUDGET BALANCE Outlook: ferrous metals Foodstuffs (31 Dec 2017 est.) −1.8% (of GDP) Stable (2011) Chemicals (2017 est.) Machinery MAIN IMPORT PARTNERS CURRENT ACCOUNT MOODY'S Grain Russia 38.9% $5.353 billion (2017 est.) REVENUES Baa2, Outlook: Stable Wool China 16.1% 35.48 billion (2011) Meat Germany 5.1% GROSS EXTERNAL DEBT (2017 est.) coal United States 4.3% (2017) $167.5 billion FITCH (31 Dec 2017 est.) EXPENSES BBB-, Outlook: Positive MAIN EXPORT PARTNERS 38.3 billion (2011) Italy 17.9% (2017 est.) China 11.9% FOREIGN RESERVES Netherlands 9.8% $30.75 billion Russia 9.3% (31 Dec 2017 est.) Switzerland 6.4% France 5.9% (2017) According to the World Bank: https://data.worldbank.org/indicator/BX.KLT.DINV.WD.GD.ZS?locations=KZ MARKET ACCESS MEMBER OF THE WORLD TRADE ORGANIZATION MEMBER OF EURASIAN ECONOMIC UNION Access to a common market with more than 180 million consumers ASTANA INTERNATIONAL FINANCIAL CENTRE INVESTMENTS Release from taxation: corporate No limitation on participation in a income tax, property tax, by the company, registered in customs duties Kazakhstan (100% participation)* Obtaining of license (if applicable) No limitations for participation PPP projects of foreigners in the investment projects Obtaining of work permit for the employees Renewable (up to 1 month) Energy Projects Attraction of foreign labor ONE-STOP SHOP AN OFFICE WHERE MULTIPLE SERVICES ARE OFFERED Rendering of services to Information, consulting, foreign investors and organisational and other representatives of the support of the investor Kazakhstan business Support of the Assistance in obtaining ONE-STOP investment project necessary agreements SHOP prior to production and permissions LIST OF PRIORITY ACTIVITIES FOR IMPLEMENTATION OF INVESTMENT PROJECTS OIL & GAS TEXTILE RES TOURISM CONSTRUCTION CONSTRUCTION MATERIALS LOGISTICS & TRANSPORTATION METALLURGY AGRICULTURE AND FOOD FDI INCENTIVES TAX REMISSIONS CIT – 0% 10 years Land tax – 0% 10 years Property tax – 0% 8 years STABILITY OF CUSTOMS FACILITIES LEGISLATION INVESTMENT GRANTS Customs duty of 0% for import: Stability of the tax legislation Up to 30% of the actual costs of construction and installation works and • processing equipment and for all taxes except VAT and accessories to it equipment excises (subject to investment • spare parts contract) • raw materials and materials LAND GRANTS The land plots, buildings, cars and the equipment in property According to Kazakh Invest: https://invest.gov.kz/about-us/kazakh-invest/ STATE PROGRAM «DIGITAL KAZAKHSTAN» FOR THE PERIOD 2018-2022 DIGITALISATION OF INDUSTRIES TRANSITION TO THE DIGITAL STATE IMPLEMENTATION OF THE DIGITAL SILK ROAD DEVELOPMENT OF HUMAN CAPITAL CREATING AN INNOVATIVE ECOSYSTEM WHICH TYPE OF LEGAL ENTITY INVESTORS SHOULD CHOOSE BRANCH is a structural subdivision of a In Limited liability partnerships (LLPs) foreign legal entity that performs all or part participants hold interests. An LLP may be of the foreign entity’s functions. In formed by one or more participants. The particular, it may engage in commercial participants in an LLP are not liable for the LLP’s activity. It is not a separate legal entity. debts beyond the value of their contributions. Participants’ interests are proportional to their contributions to the charter capital. LLPs in Kazakhstan are separate legal entities that are distinct from their participants. LLP is subject to state registration and taxation. REPRESENTATIVE OFFICE is established to represent a foreign entity’s interests in Kazakhstan. A representative office protects and represents the interests of Joint stock companies (JSCs) is a legal entity the foreign legal entity and carries out that issues shares in order to attract investments preparatory and auxiliary activities, such as to finance its activities. Shareholders are not marketing and advertising. Generally, a liable for the JSC’s liabilities. It may have one or representative office may not engage in more shareholders. The minimum capital commercial activity. It is not a separate required for a JSC is almost US$ 350,000). legal entity. STEP-PLAN ON REGISTRATION OF LEGAL ENTITY 01 02 03 04 05 06 1-3 weeks 1 business day 1-2 business days 2-3 weeks 15–30 (including business days apostille) Preparation of an Obtaining the Opening of a bank Employment electronic keys for account issues Preparation and official seal of the Obtaining a license the online submission of the partnership (if applicable) submission of tax documents for the reports registration of the partnership (legal entity) LAND RIGHTS Foreigners can obtain lands Foreigners and legal entities provided for building or with with any kind of foreign already built up industrial and participation cannot obtain non-industrial complexes, lands near the border line. including residential constructions, and lands provided for the maintenance of Foreigners and legal entities such buildings. with any kind of foreign participation cannot obtain lands provided for agricultural purposes until December 31, 2021. TAX REGISTRATION OF NON-RESIDENT IN KAZAKHSTAN CASES IN WHICH A NON- RESIDENT MUST BE REGISTERED AS A TAXPAYER On receiving Kazakh- When opening On acquiring source income not accounts with Kazakh tax taxed at source in local banks resident status Kazakhstan TAXATION IN KAZAKHSTAN CORPORATE INCOME TAX AND INDIVIDUAL INCOME TAX Legal entity: 20% Individual entrepreneur: 10% VALUE – ADDED TAX : 12% ADDITIONAL TAXES In case the entity is registered Transport Tax, Land tax, as VAT-payer. The entities, the Property tax, activity of which is connected Environmental emission with the goods of social charges are calculated importance shall pay VAT at 8% individually in each case. rate till October 1, 2020 due to state of emergency. LICENSING REGULATION Range of business and professional activities that require licensing is Penalties for not The exhaustive very broad having licenses can be list of licenses Investors need to determine whether significant (including, and permissions they need a license beforehand profit confiscation) (engineering and construction, import/export of goods, etc.) EMPLOYMENT ISSUES TAXATION OF EMPLOYEES AGREEMENTS Mandatory pension Conclusion of employment contributions -10% agreement Individual Income Tax-10% Non-competence agreements (if applicable) Non-disclosure agreement (if applicable) Employment policies and procedures TAXATION OF MINIMUM SALARY EMPLOYERS in 2020 in Kazakhstan is Social Tax-9,5% 42.500 KZT Social contributions-3,5% (approximately 100 US Mandatory Social Medical dollars) Insurance – 1,5% CONSTRUCTION PROCESS PRIOR CONSTRUCTION CONSTRUCTION Getting a land plot; Notice on beginning of construction; Construction licenses and permits (3 Requirements to the construction (HSE, categories); environmental permits, warranties); Work permits to hire foreign labor; Architectural & construction control and Project documentation development, supervision; approval and expertise. Designer’s supervision; Technical supervision; Acceptance on the facility in operation: • State acceptance; • Acceptance by the owner. Registration of
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