Kazakhstan to offer tax breaks for large foreign investors

Kazakhstan will introduce tax breaks and subsidies for major foreign investors, the industry minister of the energy-rich Asian country said on Monday. "A special regime will be offered to strategic investment projects, and privileges will be provided individually depending on the project in accordance with the government's decision," Industry and New Technologies Minister Aset Isekeshev said at a government session. He said the privileges would be most likely offered to foreign investment projects topping $500 million with high added value. The privileges will include canceling such taxes as corporate income tax, property and land tax, and the government will provide guaranteed state order and a series of industrial subsidies, the minister said. He also proposed giving up fixed tax rates for investors who pursue non-energy projects in Kazakhstan. The minister said the government would also introduce unilateral visa-free regimes for 13 countries from 2012 to lift bureaucracy barriers for foreign investors. China and Russia are Kazakhstan's leading investors.