Mazhilis announces measures to restore economic growth

Mazhilis announces measures to restore economic growth

Attraction of investments, development of entrepreneurship, real sector, sustainable financial market, digital transformation, project management, monetary, social and trade policy - these are the measures that Kazakh Minister of National Economy Ruslan Dalenov proposes to employ point by point  legislatively to restore the economy. He presented the new draft law on amendments and additions to legislation on restoration of economic growth during a plenary session of the Mazhilis, the Lower House of the Kazakh Parliament. Dalenov stated that the amendments to the corresponding document should cover 81 legislative acts. According to the new amendments announced by Dalenov, Kazakh citizens will be able to spend their pension savings on mortgages or payments for medical treatment starting next year. The relevant ministry also plans to consolidate on a legislative level the amendments that create conditions for the establishment of the national artificial intelligence platform, as well as amendments related to the collection, processing and protection of personal data.

“All the requirements for the protection and safety of personal data will be fulfilled and the data will not be transferred. A register is being created at the ‘Atameken’ National Chamber of Entrepreneurs and open data will be transferred there, including the business identification number (BIN), the address of the legal entity, registration data and others. Tax and customs information will not be transferred there. The revenue authorities will calculate the due diligence index in their information systems, and only the index data will be transferred to the database. The request itself will be executed by an entrepreneur using an electronic digital signature,” Dalenov said.

In order to attract investments, the relevant minister proposes to streamline procedures and improve public-private partnership mechanisms. Also, in order to create a favourable climate for entrepreneurs, he suggested introducing a register of business partners and a web portal ‘Government for Business’, which will operate based on the Single Window concept. It is also proposed to halve the investment threshold for new facilities of the food and light industries. The bill was approved by the members of the Mazhilis in the first reading.