Parliament approves law on the setting up of the Astana International Financial Center
05 Nov 2015
On 5 November 2015, the Parliament of Kazakhstan approved the Law on the Astana International Financial Center (AIFC). The AIFC will be a Special Economic Zone, offering tax incentives to attract investors. These will include a 50-year exemption from corporate tax on revenue earned at the centre, on income tax on salaries and dividends for staff working there, and an exemption on value-added tax (VAT) on goods purchased at the centre for non-resident participants. There will also be exemptions for employers from the requirement of acquiring work permits for foreign employees; foreign staff, investors and their families will receive automatic five-year visas, which will exempt them from the process of reapplying for work visas each year.
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Type:
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Promotion and facilitation (Special economic zones)
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Industry:
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Services (Financial and insurance activities)
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