Kazakhstan to keep the tax law unchanged

/IRBIS, Jan.27, 00/ - REUTERS informs, with the reference to the director of non-production payments of the Ministry for state revenue Dauletkhan Baimurzin, that no changes will be made in the project of a new Tax code of Kazakhstan with respect to property, land and transportation taxes. "Our major principle, on which new Tax code will be based, is succession. There are many blames about the law changes already. It is apparent many changes are undesirable, but if they had to be made due to the necessity of making changes to ease the taxpayers' burden, why not", said Baimurzin. He said foreign investors complain of frequent changes in tax laws. "We have started working on a new project of the Tax code, and it should be ready by April 1, as I know. We prepared a concept to this project, which plans for no changes with regard to property, land and transportation taxes", said Baimurzin. Current property tax for private persons is 0.1% of estimated value of the property, for legal entities - 1% of the value, reflected in their balance sheets. Land tax depends on the quality of the land and it is highly differentiated. Local representative bodies have the authority to correct the tax rate up to 20%. He informs non-production payments account for about 16% of the state income. It reached KZT56.76 bln last year, excluding operations with the capital.