In order to implement the additional measures to support SMEs, considered at the meeting of the Supreme Council for Reforms (January 29 this year) this year, to support SMEs, the Prime Minister instructed until March 1, 2020, prepare the necessary amendments to tax legislation.
Minister of National Economy Asset Irgaliev reported on measures to support entrepreneurship approved at the meeting of the Supreme Council for Reforms:
- reducing the burden on the wage fund with the establishment of a single rate, instead of five with their payment in a single payment;
- reduction of VAT within 2 years for new manufacturing companies;
- exemption from corporate income tax of the part of income allocated for reinvestment;
- expanding the list of priority activities for which the Government will conclude investment agreements (manufacturing, agro-industrial complex, mechanical engineering, food and other industries for the production of finished products and deep processing);
- simplification of registration and fulfillment of tax obligations for individual entrepreneurs;
- reduction by one third of all requirements for business in the areas of trade, agriculture, transport, provision of accommodation and food services;
- inclusion of microfinance organizations in the subsidy program "Business Road Map-2025";
- introduction of a retail tax regime at a rate of 6% for the catering sector.
“The proposed changes will allow to involve up to 500 thousand employees in official employment, reduce the burden on the wage fund, simplify the procedure for fulfilling tax obligations and attract new investments in the republic’s economy,” Mamin said at the meeting of the Project Office.