The time of the adoption of the new Tax Code has been announced

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It is expected that some of the tax concession will be abolished with the adoption of the law

It is planned to adopt a new Tax Code in 2018. This was announced today during the governmental hour in Mazhilis by the Minister of National Economy of Kazakhstan Kuandyk Bishimbayev. "Our main objectives in fiscal policy will decrease the level of the shadow economy and stimulating investment in the economy by improving the mechanism for collection of indirect taxes, in particular VAT, abolition of inefficient tax concessions, as well as the reform of the special tax regime", - said the Minister.

In addition, Kuandik Bishimbayev spoke about the "active efforts to reform the system and to improve administration." The Ministry of National Economy expects that "this will also increase the profitability of the budget". "In world practice, there is a number of examples of increasing tax collection, which will increase tax revenues by 30-40% without changes in rates", - said Kuandik Bishimbayev.

Meanwhile, during the meeting the Majilis deputies pointed to the leadership of the Ministry among low tax compliance among the companies that have received state support in the framework of the state program "Nurly Zhol". "There were detected business entities, which have received preferential loans for the development of production, at the same time they did not pay individual income tax, they did not create jobs, - said in his co-report the chairman of the Committee for Economic Reform and Regional Development of the Majilis Nurtai Sabilyanov. - It becomes unclear how the companies can develop production in the manufacturing industry without creation of jobs".

Deputies asked Kuandyk Bishimbaev to comment on fact that the subsidies from the state on a par with the manufacturers and enterprises have received the non-production sphere - wholesale and retail trade, etc.

"The "Roadmap of business" is set to broad support, that is, there is no industry preference, there are only certain segments that are excluded from the scope of subsidies. This is related more to a turnover of excisable goods", - said the Minister.

Kuandik Bishimbayev added that the non-productive sphere, "especially in 2015-2016, in connection with all these fluctuations (in the currency market) suffered the largest decay."Probably, it was the most difficult to develop in the current environment. In parallel with this more than 300 billion tenge has been allocated to support the productive sector and the manufacturing sector in 2014-2016, including from the republican budget and the National Fund ", - said the minister of national economy.

According to Kuandyk Bishimbaev, in 2016 "support from all sources of the state budget amounted almost to 535 billion tenge".

Zhanar Serdalina