Kazakhstan promotes investments in petrochemical sector

Kazakhstan has introduced special taxation rules for organizations that are engaged in oil and gas refining to create a favourable investment climate in the petrochemical sector, Kazakhstani Economy and Budget Planning Minister Kairat Kelimbetov declared at an enlarged meeting of the board of the Industry and Trade Ministry.
In particular, corporate income tax will not be paid in the first five years after a petrochemical facility is launched.

However, Kelimbetov stresses that further improvement of the tax system was necessary to enhance competitiveness of domestic products and increase the efficiency of using foreign economic factors in the interests of the national economy.
The government is planning to support development of scientific and innovative enterprises in the near future. According to the minister, this will promote the creation and development of scientific and high-tech production facilities and strengthen investment attractiveness of enterprises in sectors other than thesector of raw material production.