Support for SMEs

Measures to support small and medium-sized businesses were discussed by the Senate Deputies on various platforms. The result was the adoption of an amendment to introduce a 3% tax for entrepreneurs.

"To support sectors significantly affected by the pandemic, it is proposed to exempt small and medium-sized businesses from VAT and social tax for two years. On behalf of the Head of State, a retail tax of 3% of income is being introduced", Senate speaker Maulen Ashimbayev said.

Now, instead of 10-20% corporate and 10% individual income tax, companies and individual entrepreneurs will have to pay an alternative retail tax of only 3%.

"Small and medium-sized businesses are going through difficult times, having actually taken the brunt of the pandemic. Therefore, as part of the bill, at the suggestion of the Head of State, Senators proposed the norms of the new retail tax regime", Senator Yedil Mamytbekov commented.

Senators believe that it is necessary not only to reduce the tax burden, but also to provide business with other types of state support. The list of the most affected sectors of the economy will be determined by the Government.