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March 3, 2021

“Business Opportunities in Kazakhstan, Investments and Partnership” Conference in Bucharest: Ten-year exemption from profit tax for Romanian investors to Kazakhstan

Romanian companies investing in Kazakhstan are exempt from the profit tax for 10 years, and from other taxes for eight years, Yerlan Muratov, director of the Kazakh Export and Investment Agency Kaznex Invest declared at a meeting in Bucharest with Romanian businesspeople.
‘We have several programmes in support of the market entry of foreign investors. Kazakh investors improved the legislation over the past two years and waived some licenses requested for companies on our market, so a company can now be set up in three days,’ the Kazakh official said. He named the facilities for such new companies; besides the aforementioned tax exemptions, all imported equipment, raw materials and spare parts are duty-free for three to five years, and there is also a preferential taxation of labour for the first year and throughout the contract.
In addition, Kazakhstan offers low energy prices and cheap labour, and a value added tax of 12 per cent. Kaznex Invest can help investors in their relations with local authorities and advise them on local partners.
Romania is not among the 19 states whose citizens do not need a visa for Kazakhstan; Romanians benefit, however, from a preferential visa regime, without any invitation necessary. Foreigners are not allowed to purchase land, but can lease it for 10 years, and legislation is currently being amended to extend this period to 25 years.
EU sanctions for Russia could provide new opportunities, Muratov assured, as Russia imports massively from Kazakhstan, especially food. Kazakhstan thus can be the door to huge markets, like Russia or China, he asserted.
Asked whether Romania could import uranium from Kazakhstan for its nuclear power plants of Cernavoda, the Kaznex Invest head mentioned his country is the world’s main uranium producer.
Romania’s honorary consul in Kazakhstan Petru Lificiu, chairman of the Romania-Kazakhstan Chamber of Commerce and Industry, announced at the meeting on Monday the creation of two task forces in Astana and the former capital Alma-Ata, to help Romanian companies with answers to any question on the Kazakh market.

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