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Large trade objects, cinemas and sports facilities to be exempt from tax payment for one year — Ministry of National Economy

Tuesday, 17 March 2020, 11:07:46

At the government session chaired by Prime Minister Askar Mamin, measures to support entrepreneurship and domestic production were reported by the Minister of National Economy Ruslan Dalenov.

According to the Minister of National Economy, in pursuance of the order of the Head of State regarding business support and stability in the labor market, a package of urgent measures is being developed, which includes seven main areas. These are affordable financing, guarantees, tax incentives, reduced business audits and job security.

In the first direction, entrepreneurs will be provided with increased access to tenge financing within the framework of synchronizing the Business Roadmap-2025 and Economy of Simple Things programs.

First, lending will be expanded by 400 billion tenge to 1 trillion tenge. The funds will be primarily provided to domestic producers to reduce import dependence and ensure food security.

Under the state program Business Roadmap-2025, the upper threshold of the loan will be increased to 7 billion tenge. To cover current expenses, it is proposed to expand financing of working capital of the business.

Second, the final rate will be unified and amount to 6%.

Thirdly, industry restrictions in Business Roadmap-2025 will be lifted and the list of priority goods in the Economy of Simple Things program will be expanded.

“In the second direction, to solve the issue of shortage of collateral, within the framework of the Business Roadmap-2025 program for medium-sized businesses, it is proposed to increase the loan amount to 1 billion tenge, for which a guarantee of 50% will be provided. For micro and small businesses it is proposed to increase the loan amount to 360 million tenge with the provision of guarantees up to 85%. In general, the mechanism for issuing guarantees will be simplified,” said Dalenov.

In the third area in the current period, it is proposed to reduce the number of inspections of medium-sized businesses. It should be noted that a moratorium is already in force on inspections of micro and small businesses.

The fourth area provides tax incentives for certain categories of SMEs. These are large objects of trade, cinemas, theaters, exhibitions, sports facilities. It is proposed to exempt this category from property tax for legal entities and individual entrepreneurs for a period of one year. Suspend penalties for one quarter. To postpone the period of tax reporting for the 3rd quarter.

The fifth area, in addition to increasing lending to agribusiness entities, provides for tax incentives. It is supposed to be exempted from VAT on the import of biological assets of the agricultural sector, including cattle and breeding chickens. Also, almost 7 thousand agricultural producers will be exempt from paying tax on agricultural land.

As part of the sixth direction, it is proposed to exempt individual entrepreneurs working in a generally established mode from taxes on income.

“It should be noted that the income of entrepreneurs working under special tax regimes has already been exempted from taxes from the beginning of this year. We consider it possible to support entrepreneurs using the generally established regime,” the minister said.

Dalenov also said that within the framework of the seventh direction, a new Employment Roadmap is being developed, aimed at ensuring stability in the labor market. Total financing will amount to 300 billion tenge. 120 thousand jobs will be created through the implementation of new infrastructure projects in the regions, selected on the basis of the results of the screening. The implementation of such projects will solve the most pressing problems of the population, such as repair of roads, bridges, reconstruction of housing and communal services and social infrastructure.

“As the Head of State said in a televised address yesterday, at least 300 billion tenge will be allocated to support entrepreneurs and create new jobs. Additionally, the issues of subsidizing loans and providing tax incentives were worked out, and additional tenge liquidity up to 400 billion tenge will be provided as part of the Economy of Simple Things Program. In addition to maintaining business activity, this will create 160 thousand new jobs. In general, this package of urgent measures will have a stabilizing effect on the labor market and economy,” Dalenov concluded.


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