.718.118.115.125.3Exports of goods (% $ change) 33,7 55.538,637,32549,1 International reserves (US $ bln) 5 9.37. 119.117.419.4FDI (% of GDP) (9M2008) 15 19.311.6131 4.69.7Headline public sector balance (% GDP) 2.7 2.55.87.25.26.7Gross general government debt (% GDP) 15 11.48.16.75.96.4National fund (% of GDP) 12 11.814.217.420.220.7
Natural resources dominate export sector while strong imports ofcapital goods reflect ongoing economic diversification and stronginvestmenttax code aims to support economic diversification by reallocating resources into the non-energy sector
Measures planned in the New Tax Code
ТЗ Accommodation of all changes/amendments/interpretations to the Tax Code made during the last 5 years
ТЗ Adjustment of the Tax Code for the application of IAS
ТЗ Revocation of advance payments of corporate income tax for smalland medium size enterprises
ТЗ Extension of loss deferral period to 10 years
ТЗ Stage-by-stage introduction of traditional VAT payment scheme (introduce reimbursement of VAT receivables from the budget)
ТЗ Introduction of common social tax instead of the current regressive scale
ТЗ Reduction of VAT to 12% from 13%
Corporate Income Tax ReformCorporate Income Tax Reform
ТЗ Optimization of investment tax preferences
ТЗ Revocation of advance payments of corporate income tax for small and medium size enterprises
ТЗ Extension of loss deferral period from 3 to 10 years?? Reduction of CIT from 30% to 15% over the period of three years
ТЗ Allow processing industries to file for tax deductions for construction expenditures and cost of fixed assets within a three year period
Taxation of Mineral Extractive Sector
ТЗ Replace the old royalty-based tax system with the new Mineral Extractive Tax that directs flow of the new tax by energy companies to the National Fund and by non-energy sector to the budget
ТЗ Change the calculation of rent and excess profit taxes, including change of base price levels from selling price to the world price levels
ТЗ Starting from January 2009 the government will stop issuing production sharing agreements ...
