February 6, 2023

VAT is planned to be reduced by 70% for fishing enterprises in Kazakhstan

In Kazakhstan, it is planned to reduce VAT by 70% for entities engaged in commercial fishing. The issue of strengthening responsibility for poaching is also being worked out. This was announced by the Minister of Ecology, Geology and Natural Resources Serikkali Brekeshev.

According to the head of the Ministry of Ecology, 72 enterprises are engaged in fish processing, 17 of them meet high requirements and have received the right to export fish products to the countries of the European Union, the rest are focused on the domestic market and countries of the near and far abroad.

In order to support domestic producers, the draft law “On Amendments to the Tax Code” provides for a 70% reduction in VAT for entities engaged in commercial fishing. The bill was adopted by the Parliament and sent for signature to the Head of State,” Serikkali Brekeshev said during a government meeting.

It is also planned to introduce subsidies for deep-processed fish products. The corresponding amendment is provided for in the draft law on business issues.

“In order to increase the volume of deep processing, which will create additional jobs and expand the tax base, the Head of State instructed to make a proposal to introduce restrictions on the export of unprocessed fish. In this regard, together with the business, an analysis is being carried out in order to make a balanced decision,” the head of the Ministry of Ecology noted.

Along with this, as the Minister added, measures are being taken to preserve natural fish resources. First of all, this is the fight against poaching, which the Head of State instructed to strengthen, especially in the Zhaiyk-Caspian basin.

“In fulfillment of this order, we have planned additional measures. These are retrofitting fish inspections with modern material and technical means, increasing the efficiency of interaction between environmental authorities and tightening responsibility for illegal fishing. We are also working on strengthening responsibility for poaching within the framework of the draft Code of Administrative Offences. In addition, in order to reduce the shadow turnover, an information system for the traceability of fish products is being developed,” Serikkali Brekeshev summed up.

Earlier it was reported that by 2030 it is planned to grow up to 270 thousand tons of fish per year in Kazakhstan, increase the consumption of fish products to 134 thousand tons per year, reduce the volume of imports from 45 to 25 thousand tons.