The Head of State signed the newly adopted law «On Special Economic and Industrial Zones», which defines the legal basis for the creation, functioning and abolition of special economic and industrial zones in the country, Zakon.kz reported with reference to Akorda.

The document regulates the creation, functioning and abolition of special economic and industrial zones. It establishes the competences of the government, the authorized body, other central and local executive bodies. Types of industrial zones, as well as the rights and obligations of participants in special economic and industrial zones are enshrined in legislation.

In addition, the document defines the functions, status, financing and liquidation of special economic and industrial zone management companies.

It is planned to create a common coordination center, the objectives of which are to develop, promote and increase the investment attractiveness of special economic and industrial zones.

The adopted norms regulate the special legal regime of the special economic zone and the conditions of functioning of special economic and industrial zones, including taxation, customs regulation, public-private partnership and guarantees of legal protection of participants.

The document introduces a new mechanism for providing participants with special economic and industrial zones of land plots. The land plots will be provided for temporary land use by the management company, which in turn will independently transfer them to the participants of these zones. This mechanism will reduce the time of receipt by the participants of special economic and industrial zones of land plots.

Financing is provided and the responsibility of management companies is fixed. At the same time, financing will be provided only if 100% of the management company’s shares are owned by the state.

In addition, there is the possibility of extending the validity of special economic zones by decision of the Government.

The President of the Republic of Kazakhstan also signed the law «On introducing amendments and addenda to some legislative acts of the Republic of Kazakhstan on special economic and industrial zones, attracting investments, development and promotion of exports, as well as social security», aimed at bringing the current legislation in line with the newly adopted law «On special economic and industrial zones», as well as improving the mechanisms of destination of targeted social assistance.

The source: https://www.zakon.kz