New decree of the president of Kazakhstan is directed on strengthening of foreign investments inflow - head of KAZINVEST

/PRIME-TASS, March 13, 00/ - On March 6 2000 the president of Kazakhstan Nursultan Nazarbaev has issued decree "About the rules of granting of privileges and preferences at the contracts with the investors executing investment activity in the priority sectors of economy". According to director of the Kazakhstan state enterprise KAZINVEST Askar Batalov, stated at conversation with PRIME TASS on Monday, the decree will promote the foreign investments attraction in the real sector of economy, As he said, the given document has been accepted because the former has been in force till January 1, 2000. Besides the number of changes have been introduced in it. Changes and additions have been made in the Laws "About state support of direct investments" and "About foreign investments". According to them investors are exempted from land-tax and property taxes for the term till 5 years from the moment of the income obtaining, but no more than 8 years from the moment of the contract conclusion. According to Batalov, the introduced changes are the second step in the republican investment climate improvement after cancellation of the Value Added Tax on the losses in the autumn 1999. As he has said, now Kazakhstan investments agency develops the new uniform investments law and the new list of priority productions for attraction of the direct domestic and foreign investment, which will be considerably extended in comparison with the list accepted in 1998.