Kazakhstan’s Prime Minister Olzhas Bektenov recently chaired a meeting of the Council for Improving the Investment Climate, where key issues related to the investment environment and its interaction with international businesses were discussed.
The discussions focused on enhancing the country’s investment appeal, with particular attention to improving tax policies. Government officials presented ongoing reforms aimed at fostering a favorable business climate, sustaining economic growth, and improving development quality.
One of the key topics was the new Tax Code, which introduces a service-oriented tax administration model, reduces tax reporting by 30%, and decreases the number of tax payment types by 20%. Additionally, a lower income tax rate is planned for manufacturers of their own products, while raw material processors will benefit from deferred VAT on imported equipment. Changes to royalty taxation were also addressed.
The meeting brought together prominent representatives of the international business community, including Jeff Ehrlich, Executive Director of the American Chamber of Commerce in Kazakhstan; Michelle Yerkin, U.S. Consul General in Almaty; British Ambassador Kathy Leach; EU Chargé d'Affaires Maciej Madalinski; and business leaders from Deloitte, EY, Beeline Kazakhstan, ExxonMobil, and Pfizer.
Deputy Prime Minister and Minister of National Economy Serik Zhumangarin, along with Minister of Finance Madi Takiyev, commented on the issues raised. According to the Ministry of Finance, VAT refunds in 2024 reached a record KZT 1.2 trillion ($2.37bn), with plans to launch a new tax refund information system by January 1, 2026, to enhance efficiency and transparency.
In closing, Prime Minister Bektenov expressed gratitude for the proposals and reaffirmed the government’s commitment to open dialogue and constructive engagement with investors.
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