Kazakhstan will have new rules to support private entrepreneurship from October 4, 2024. These measures are aimed at stimulating economic activity and creating favorable conditions for the development of small and medium-sized businesses in the country. The innovations cover a wide range of measures, including tax incentives, subsidies, grant support and other mechanisms to stimulate entrepreneurship:
- Rules for portfolio subsidization of a part of the interest rate and partial guaranteeing of loans/microcredits of small businesses, including micro entrepreneurship;
- Rules for subsidizing part of the interest rate;
- Rules for subsidizing the parts of the mark-up on goods and rent payment, which constitute the income of Islamic banks, when Islamic banks finance the subjects of entrepreneurship;
- Rules for subsidizing the coupon interest rate on bonds issued by business entities;
- Rules of guaranteeing on loans/financial leasing;
- Rules for guaranteeing bonds issued by business entities;
- Rules for granting state grants for social entrepreneurship subjects;
- Rules for supplying engineering infrastructure;
- Rules of providing investment grants “Bәsekege qabilettilik”, aimed at increasing the competitiveness of small businesses.
These measures are aimed at creating a favorable business climate in Kazakhstan, stimulating entrepreneurial growth and improving business competitiveness. The Government expects that support for the private sector will lead to increased employment, development of new sectors of the economy and improved living standards for citizens.
Article is prepared by Director of FChain Kazakhstan
Ekaterina Kassumova
24.09.2024
