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BISHKEK (TCA) — Kyrgyzstan should create a competitive economy applying innovative technologies and open to attract investments, Kyrgyz President Sooronbai Jeenbekov said at a meeting with representatives of the business community on September 17. Continue reading
DUSHANBE (TCA) — An effective and service-oriented tax administration is essential to ensuring a healthy business environment and promoting economic growth in Tajikistan. So the Government of Tajikistan has made tax reform a major priority for the country as it seeks to achieve its development goals and reduce poverty, the World Bank reported on March 12. Continue reading
ASTANA (TCA) — At a joint session of Kazakhstan’s parliament on March 5, President Nursultan Nazarbayev said that "the time has come to focus on large social projects" in the country. Nazarbayev addressed the people of Kazakhstan with the "Five Social Initiatives of the President," which include the new opportunities to purchase housing for each family, reduction of the tax burden to increase the wages of low-paid workers, increase in the accessibility and quality of higher education and improvement of the living conditions of student youth, expansion of micro-crediting, and further gasification of the country, the president’s press service reported. Nazarbayev stressed that the new social initiatives are aimed at strengthening the social unity of Kazakh society and further improving the well-being of every Kazakhstani citizen. In particular, Nazarbayev suggested increasing the affordability of mortgage lending for Kazakhstan citizens by launching a program under which every working citizen could receive a mortgage loan in the national currency for purchasing housing at not more than 7 percent per annum (compared to 14-16% today) with initial payment of not more than 20 percent of the housing cost (30-50% today) and for up to 25 years (10-15 years now). To support low-paid citizens, the president suggested, starting from 1 January 2019, to reduce their tax burden 10-fold — down to 1 percent. As a result, a third of employees in Kazakhstan — or some two million people — will have their salaries raised without increasing the tax burden on the employers. Concerning gasification, Nazarbayev said that today, almost 50 percent of the country’s population has natural gas, but the central and northern regions of the country still have no access to gas. The president suggested construction of a gas pipeline along the route Karaozek (Kyzylorda province)-Zhezkazgan-Karaganda-Temirtau-Astana through borrowed funds including from international financial institutions. Nazarbayev ordered the Government and the National Bank to work out the mechanisms for implementation of his social initiatives.
TASHKENT (TCA) — Uzbekistan undertook five business reforms in the past year, earning the country a spot in the top 10 global improvers for a third time, says the World Bank Group’s latest Doing Business 2018: Reforming to Create Jobs report. Having been named a top improver previously in 2015 and 2012, Uzbekistan has continued its strong reform agenda. With its five business reforms during the past year, the country carried out the most reforms in the Europe and Central Asia region. As a result, it moves up to 74th place in this year’s ease of doing business global rankings. “Uzbekistan has much to celebrate this year as the Government has taken decisive steps forward in its reform agenda. The World Bank commends the Government’s efforts to improve the overall business and investment climate in the country. As the reform momentum continues, it will be important to focus on areas where entrepreneurs still face difficulties,” said Lilia Burunciuc, the World Bank Regional Director for Central Asia, at the official presentation of the report in Tashkent on November 1. The improvements of the past year were adopted in the following five areas: Starting a Business, Dealing with Construction Permits, Protecting Minority Investors, Paying Taxes and Getting Electricity. Details of the implemented reforms are: - Starting a business was made easier by rolling out a new platform for business registration, reducing the number of procedures from four to three.- The process for obtaining an electricity connection was streamlined by introducing a turnkey service at the utility that fulfills all connection-related services, including the design and completion of the external connection. With this reform, Uzbekistan has significantly reduced the cost for an entrepreneur to connect to the electricity grid from 1232 percent of the income per capita to 883 percent. On the Getting Electricity indicator, Uzbekistan moves up 59 places to a global ranking of 27.- Uzbekistan strengthened minority investor protections by increasing corporate transparency requirements.- Paying Taxes was made easier and less costly by introducing an electronic system. As a result, the number of payments have been reduced from 58 to 10 and the time taken to prepare, file and pay the taxes from 202 to 181 hours. However, increases in land tax rates made paying taxes more costly.- Uzbekistan made dealing with construction permits easier by streamlining the process of obtaining approvals of land plot allocations from various agencies. Marking its 15th anniversary, the Doing Business report notes that Uzbekistan has implemented 32 business reforms over the past 15 years. More than two-thirds of these reforms have been implemented in the last six years. The majority of these reforms were implemented in the areas of Starting a Business and Paying Taxes (six each), and Getting Credit and Registering Property (four each). Starting a Business is an area where Uzbekistan performs best, with a global ranking of 11. Over the years, reforms in this area have included abolishing the paid-in minimum capital requirement and eliminating the requirement for substantive review at the...
ASTANA (TCA) — The Government of Kazakhstan on September 12 approved the draft of a new Tax Code, which is aimed at encouraging the growth of SMEs and strengthening the financial sector, the official website of the Prime Minister of Kazakhstan reports. Continue reading
TASHKENT (TCA) — In order to create favorable conditions for sustainable development of domestic production of high quality finished products, meet the consumer demand of the population, prevent unjustified price rises in the domestic consumer market, and to provide Uzbekistan’s producers with raw materials not produced in the country or produced in insufficient quantities, the President of Uzbekistan has adopted a decision "On measures for further streamlining of foreign economic activity of the Republic of Uzbekistan", the Jahon information agency reports. Continue reading
