On November 29, 2003

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On November 29, 2003

Post  kosovohp on Sun Nov 07, 2010 7:43 am

On November 29, 2003, the Law on Changes to Tax Code was adopted, which reduced tax rates. The value added tax fell from 16% to 15%, the social tax, from 21% to 20%, and the personal income tax, from 30% to 20%. On July 7, 2006, the personal income tax was reduced even further to a flat rate of 5% for personal income in the form of dividends and 10% for other personal income. Kazakhstan furthered its reforms by adopting a new land code on June 20, 2003, and a new customs code on April 5, 2003.

Energy is the leading economic sector. Production of crude oil and natural gas condensate from the oil and gas basins of Kazakhstan amounted to 51.2 million tons in 2003, up 8.6% from the production in 2002. Kazakhstan raised oil and gas condensate exports to 44.3 million tons in 2003, 13% higher than in 2002. Gas production in Kazakhstan in 2003 amounted to 13.9 billion cubic meters (491 billion cu. ft), up 22.7% compared to 2002, including natural gas production of 7.3 billion cubic meters (258 billion cu. ft).

Kazakhstan holds about 4 billion tons of proven recoverable oil reserves and 2,000 cubic kilometers (480 cu mi) of gas. According to industry analysts, expansion of oil production and the development of new fields will enable the country to produce as much as 3 million barrels (477,000 m) per day by 2015, and Kazakhstan would be among the top 10 oil-producing nations in the world. Kazakhstan's oil exports in 2003 were valued at more than $7 billion, representing 65% of overall exports and 24% of the GDP. Major oil and gas fields and recoverable oil reserves are Tengiz with 7 billion barrels (1.1 km); Karachaganak with 8 billion barrels (1.3 km) and 1,350 km of natural gas); and Kashagan with 7 to 9 billion barrels (1.1 to 1.4 km).

Kazakhstan instituted an ambitious pension reform program in 1998. As of January 1, 2005, the pension assets were about $4.1 billion. There are 16 saving pension funds in the country. The State Accumulating Pension Fund, the only state-owned fund, was privatized in 2006. The country's unified financial regulatory agency oversees and regulates the pension funds. The growing demand of the pension funds for quality investment outlets triggered rapid development of the debt securities market. Pension fund capital is being invested almost exclusively in corporate and government bonds, including government of Kazakhstan Eurobonds.

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