Amendments on industrial and innovation policy adopted by Majilis

"To date, there have been formed the legal framework, created favorable conditions for attracting investments. Within the first Five Year Plan there have been involved more than 20 multinational companies. Kazakhstan implemented projects worth over $ 2 billion. However, in order to attract multinational companies which will set up export-oriented enterprises, we need to make a number of legislative changes," explained the Minister for Investment and Development Asset Issekeshev introducing the bill in the Majilis. According to his words, due to the fact that from January 1, 2017 benefits under the regime of free storage will be cancelled, the Government will introduce a tax preference in the form of VAT exemption on imports of raw materials used in the implementation of priority investment projects.