DESTINATION KAZAKHSTAN
In order to stimulate the processing of raw materials , it is proposed to release dividends and increase the shares of the subsoil user from corporate income tax ( CIT ), subject to processing more than 35 % of the extracted raw materials ( by 2019 - 40 %, 2020-2021 - 50 %, 2022-70 %).
6 Oil and gas
It is possible to take into account the costs of unsuccessful exploration in another production contract within a single legal entity .
The approaches to determining revenues for the sale of oil and gas below the cost of production have been revised . Also , it is proposed to reduce the MET rate for tin from 6 % to 3 %. This is done to support a new branch of metallurgy - the tin industry .
There is no payment for reimbursement of historical costs for new licenses for solid minerals , since the draft of the Subsoil Code offers access to geological information open .
7 Financial sector
To improve the financial sector , incentive measures are also proposed .
Thus , due to the mandatory transition from IAS 39 to 9 , there is a positive difference in the recalculation of provisions , since the new standard is aimed at creating additional provisions for non-performing loans .
In order to stabilize the financial market , it is proposed to attribute the positive difference to deductions .
There will be a double interpretation of the taxation of the acquired property of the organization for the management of doubtful assets ( OUSA ).
For individuals , an exemption from individual income tax is provided for the forgiveness of debts .
When transferring distressed assets to a collection agency , the collector ' s discount will be taxed after the asset is cleared off and debt resolved .
It is proposed to change the procedure for taxation of the Individual Income Tax of funded insurance .
In order to increase the liquidity of the gold bullion market , it is proposed to exempt the VAT from the sale of investment gold .
8 Real Sector of Economy
VAT benefits are offered for the automotive industry and special economic zones under a special investment contract ( SIC ).
The import of components ( raw materials and materials ) will be exempted from VAT , as well as the turnover of sales of goods produced in the special investment contract ( SIC ).
Also , when importing goods as part of finished goods produced in the free custom zone stock , a VAT exemption will be granted .
The transfer of property into a financial leasing agreement is exempt from VAT if the transferred property is acquired without VAT and is included in the list of goods for SIC .
The VAT payment is offered by an offsetting method when re-entering into financial leasing of goods imported from the Eurasian Economic Union countries .
Also , in order to stimulate the production of refined gold in Kazakhstan , it is proposed to exempt imports of unprocessed precious metals ( lm , waste , raw materials ) from VAT .
9 Investment projects
Now investment preferences are granted only for new projects and new enterprises . For existing enterprises , with the modernization and reconstruction of existing facilities , benefits are not provided .
In order to stimulate such enterprises , the corporate income tax ( CIT ) incentive is offered to existing enterprises implementing modernization and reconstruction projects . The privilege will be valid for a period not exceeding three years from the completion of modernization and reconstruction , provided that the investment is at least 5 million minimum calculation index ( MCI ).
Also , investment preferences will be extended to operating enterprises who are implementing new priority projects .
10 Taxation of Special Economic Zones ( SEZ )
In order to strengthen the incentive role of tax incentives , theSpecial Economic Zones ' participants are offered to expand the conditions for applying the benefits .
Due to the lack of income from priority activities during the construction period , the " 90 / 10 " income ratio is not respected , and accordingly , property tax and land tax benefits are not applied in the initial period of activity .
Looking at the benefits ’ effectiveness , it is proposed to maintain separate accounting from privileged and other
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