Keep on Rolling

The global tax revolution rolls on. From this week’s International Tax Review:

Kazakhstan’s corporate income tax rate will be cut in half over the next three years after the country’s president approved drafts of the new tax and budget codes.

The new rate of corporate income tax will come into force yearly, decreasing from 30% to 20%, 17.5% and 15% by 2011.

“A lower corporate tax rate will assist in the development of an attractive fiscal environment, which will stimulate the retention of income in Kazakhstan,” said Zhanna Tamenova, head of tax and legal services at Ernst & Young, Kazakhstan.

“It will also encourage a more competitive business climate compared to other jurisdictions, especially neighbouring countries,” Tamenova said.