CIT for agricultural producers is going to be reduced

At the site of Atameken, Vice-Minister of National Economy Askar Amrin presented the draft of the new Tax Code. The Vice-Minister noted that the rate for agricultural producers will be slightly reduced, reports World of NAN.

The corporate income tax rate is planned to remain at 20%. The rate on the banking sector will be raised to 25 per cent, except for the income of the BVU from lending to the real sector, and on gambling. At the same time, there will be a reduced rate of 10% for the manufacturing industry depending on the level of remodelling, for the social sector, for financial leasing, and 3% for agricultural producers.

"The basic rate of corporate income tax for agricultural producers is set at 3%. Now this rate is 10%. We are reducing the amount of taxes in the industry by 70 per cent. Then 3 per cent will remain," Azamat Amrin said.

Although the CIT rate for agricultural producers has been reduced, other types of levies or taxes levied on other industries can have a multiplier effect on the sector.

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