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Kazakhstan to abandon state regulation of prices and tariffs

Finance Materials 6 September 2022 11:45
Baku, Azerbaijan Trend News Agency Nargiz Sadikhova
Kazakhstan to abandon state regulation of prices and tariffs

Kazakhstan will abandon state regulation of prices and tariffs, Minister of National Economy of Kazakhstan Alibek Kuantyrov said during a government meeting, Trend reports.

According to the minister, it's provided as part of the nationwide action plan program on implementation of State-of-the-Nation Address by President of Kazakhstan 'A Fair State. One Nation. Prosperous Society'.

The program provides for implementation of 109 activities in the following directions: new economic policy, development of the real sector, strategic investment in the country's future, resetting public administration, law and order.

'New economic policy' program provides for implementation of 22 activities.

"In order to increase investment attractiveness of entire industries, proposals on step-by-step refusal of state regulation of prices and tariffs, except monopoly and oligopoly markets," Kuantyrov stated.

A new 'Tax Code' will be prepared with the aim to reset fiscal regulation, in 2023, and a new 'Budget Code' will be prepared to further reduce the bureaucracy in budget planning and improve inter-budgetary relations.

Also new law ‘On public procurement’ providing for the priority of quality over the minimum price of purchased goods, works and services.

A total of 22 activities are provided in the 'Development of real sector' program.

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