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Doing Business in Kazakhstan an Introductory Guide to Tax and Legal Issues 2 Doing Business in Kazakhstan Preface

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Doing Business in Kazakhstan an Introductory Guide to Tax and Legal Issues 2 Doing Business in Kazakhstan Preface Doing business in Kazakhstan An introductory guide to tax and legal issues 2 Doing business in Kazakhstan Preface This publication is intended to provide a useful practical summary of some of the legal and tax issues that investors starting and building a business in Kazakhstan may face. In particular, we hope that it will help investors to avoid common pitfalls and clarify areas where some forethought and planning will help problems to be avoided. Kazakhstan offers many opportunities, and encouraging foreign investment in the main sectors of the economy is a key priority for the country. This guide has five sections: 1. Welcome to Kazakhstan 2. Our top 10 tax and legal tips for prospering in Kazakhstan 3. Getting started 4. An overview of tax rules in Kazakhstan 5. An overview of other laws affecting business administration. This guide is a high-level summary of the rules in force as of 1 January 2020. It is not a substitute for comprehensive professional advice, which should be sought before engaging in any significant transaction. It should also be noted that this guide does not cover all taxes in Kazakhstan (of which there are more than 30). Here, we cover only the most important, so advice should be sought as to the actual taxes applicable to any particular business. We wish you every success in this exciting and dynamic environment. Doing business in Kazakhstan 1 Contents 2 Doing business in Kazakhstan Welcome to Kazakhstan . 4 Overview of other laws that affect business Highlights .................................... 5 administration . 44 System of government .......................... 8 Transfer pricing ............................... 45 Time ........................................ 8 Employment regulations........................ 45 Business hours ................................ 8 Import and export formalities and customs duties.... 46 Public holidays and Licensing .................................... 48 days off ...................................... 8 Banking regulations ........................... 49 Kazakhstan fact sheet........................... 9 Currency regulations .......................... 50 Currency regimes ............................. 51 Our top 10 tax and legal tips . 10 Tax tips ..................................... 11 EY in Kazakhstan . 56 Legal tips.................................... 13 About EY .................................... 57 Getting started ............................... 15 Encouraging investment . 57 Arriving in Kazakhstan ......................... 15 Supporting our clients Post-arrival procedures ........................ 16 in the dynamic landscape ....................... 57 Types of legal entities .......................... 17 Office locations ............................... 58 Establishing a legal presence .................... 18 EY Kazakhstan at social media ................... 58 Incentives for investors ......................... 23 Appendix . 60 Overview of tax rules in Kazakhstan . 28 Personal income tax (“PIT”) ..................... 29 Social tax.................................... 32 Corporate income tax (CIT) ..................... 36 Withholding tax (WHT) (other than PIT) ........... 38 Value added tax............................... 39 Subsurface use taxes .......................... 41 Tax administration............................. 41 Doing business in Kazakhstan 3 Welcome to 1Kazakhstan 4 Doing business in Kazakhstan Highlights • On 1 January 2015, the Treaty on the Eurasian Economic Union • Kazakhstan posted an annual average (EAEU) entered into force. The union US$24,263 GDP growth rate of 5.3% from 2005 of Armenia, Belarus, Kazakhstan, to 2018, with GDP in 2017 reaching million Kyrgyzstan and Russia comprises US$179.3 billion (US$9,813 per a market of 184 million consumers gross FDI inflows recorded by capita). In the first 9 months of 2019 the growth rate accelerated to • In December 2012, the former Kazakhstan in 2018 4.3% from 4.1% in 2018.1 In August President of Kazakhstan, Nursultan 2019, the Ministry of the Economy Nazarbayev, in his annual address to and Budget Planning of Kazakhstan the nation, unveiled the Kazakhstan announced an updated GDP forecast 2050 Strategy, which aims to make for 2020 to 2024, predicting an Kazakhstan one of the world’s 30 most average growth rate of 4.4% in the developed countries. The strategy is to 184 medium term2 be realized through a number of key million consumers comprises initiatives: a comprehensive and • Foreign direct investment (FDI) inflows EAEU market pragmatic economic policy (infra- into Kazakhstan have been strong in structure development, modernized recent decades. Kazakhstan’s success systems for managing state assets in attracting FDI may be attributed and natural resources, accelerated to its vast natural resources and industrialization, modernization the commitment of the country’s of agriculture and new policies on leadership to welcoming FDI and November 2014 water resources), the development promoting the country’s stable of a culture of entrepreneurship, new Infrastructure development program economic growth, as well as to social policies, targeted development launched in Kazakhstan developing non-extractive sectors of knowledge and professional such as agriculture, renewable energy, skills, further strengthening of infrastructure, logistics and transport. state governance and democracy, In 2018, Kazakhstan posted gross FDI consistent and predictable foreign inflow of US$24,263 million policy, and a new national patriotism • Kazakhstan is ranked 25th for Ease of • The Nurly Zhol (Shining Path) Doing Business in the World Bank’s infrastructure development program Doing Business 2020 report. The was launched in November 2014 country has moved up three positions with the aim of creating an efficient compared with the previous year3 transport and logistics infrastructure in Kazakhstan4,5. 1 The Statistics Agency of Kazakhstan 2 The Ministry of the National Economy of Kazakhstan 3 Doing Business 2020, the World Bank, October 2019 4 Official Information Source of the Prime Minister of the Republic of Kazakhstan, 22.10.2019, https://www.government.kz/en/news/realizaciya-novoy-gosprogrammy-nu- rly-zhol-na-2020-2025-gody-pozvolit-sozdat-bolee-550-tys-rabochih-mest 5 Astana Times, 24.10.2019, https://astanatimes.com/2019/10/kazakh-government-estimates-nurly-zhol-programme-will-cost-16-91-billion-over-next-five-years/ Doing business in Kazakhstan 5 — KZT 5.8 trillion was invested in purchase of 48 ships, including six Kazakhstan’s transport industry merchant fleets, and major repairs KZT 5.8 trillion under the Nurly Zhol program to locks in 2015-2019. Of this, 56% was was invested in Kazakhstan’s • In June 2015, in line with the funded with the involvement of the transport industry Kazakhstan 2050 Strategy, former private sector, the rest by the state President Nursultan Nazarbayev set — 3,000 km of republican roads were out 100 steps for the implementation built or rebuilt, including completion of five institutional reforms aimed of the Western Europe – Western at promoting a modern and China international transport professional civil service, rule of 3,000 km corridor law, industrialization and economic growth, a unified nation, and the of republican roads were built — 1,400 km of new railways were transparency and accountability commissioned: Zhezkazgan–Beineu or rebuilt, of the state. The new President (1,040 km), Arkalyk–Shubarkol of Kazakhstan, Kassym-Jomart (214 km), Borzhakty–Yersai (14 km) Tokayev, has continued the course and the second track of the Almaty– and confirmed institutional reforms Shu section (111 km) as a key priority in accelerating — 6 runways were upgraded at the Kazakhstan’s economic development 1,400 km airports of Uralsk, Petropavlovsk, • The ‘Digital Kazakhstan’ state program Almaty, Semey, Kostanay and of new railways were was launched in 2017. It aims to Balkhash commissioned accelerate economic development — The 2020-2025 program is and improve the quality of life of the expected to create 551,000 jobs people of Kazakhstan with the aid and increase labour productivity of digital technologies. It targets an 20% by 2025 83% digital literacy rate, 82% internet usage and digital delivery of 80% of all — The Kazakh government estimates runways state services by 20226 6 that KZT 6.6 trillion (US$16.9 were upgraded at the airports billion) will be needed to fund the • The first wave of privatization in 2020-2025 Nurly Zhol program. Kazakhstan laid the foundations of It will include the following the market economy in the 1990s. projects: completion of 3,800 At the end of 2015, Kazakhstan km of roads; rebuilding of the announced a new privatization plan runways at Kostanay and Balkhash that seeks to reduce state ownership airports; modernization of the of the national economy from more Dostyk–Moyynty railway line and than 40% to around 15%. However, electrification of the Moyynty– real progress has been slow. The Aktogay railway line; development Kazakh government confirmed plans of water transport through the to accelerate the privatization of state 6 Official site of the President of the Republic of Kazakhstan, https://www.akorda.kz/ru/official_documents/strategies_and_programs 6 Doing business in Kazakhstan property in 2020 and indicated that 40–60 days to 13–14 days. A railway has become an established platform KazMunaiGaz would be at the top of corridor connecting the Pacific coast for business meetings, exchange the list of China to the Caspian Sea is already of experience and negotiations.
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