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Kazakhstan plans to introduce a royalty-based taxation system in the draft of its new Tax Code, replacing the current mineral extraction tax (MET), according to Kanat Sharlapaev, minister of industry and construction. The proposal was outlined during a recent government meeting.

The shift to royalties is a recommendation from the World Bank, aimed at attracting more investment to Kazakhstan’s mining industry. Kazakhstan still uses MET, although the most common international practice is to calculate taxes based on the value of extracted resources or a company’s revenue.

«The shift to a royalty-based system, calculated on the sale...

Kazakhstan is concerned about customs duties that are not distributed between Eurasian Economic Union (EEU) member states and the reimbursements to subsoil users who signed their contracts before July 1, 2010. Currently, Kazakhstan is reimbursing them from its state budget. According to Ardak Tengebayev, a member of the Supreme Audit Chamber of the Republic of Kazakhstan, EEU member states must do that together.

Entrance duties are mandatory payments for goods imported to the EEU. These payments are distributed among all member states of the union. Russia accounts for the lion’s share of these payments (85%), followed by Kazakhstan at...

Amanzhol Kellett, a 25-year-old Briton, biked over 10,000 kilometers to reconnect with his Kazakh family. His incredible five-month journey across continents is a testament to the power of discovering one’s roots.

Kursiv LifeStyle has the privilege of sharing his story, which began when our editor met Amanzhol at an art gallery in Almaty. He was attending a screening of Anuar Raibayev’s documentaries about life in Kazakh auls (villages).

A family history

Amanzhol’s mother is Kazakh and his father is English. Their story began in Almaty in the late 1990s, where they met while working at the same company.

Freedom Holding Corp. Kazakhstan’s Manufacturing PMI (S&P) reached 53.5 in November, marking the highest level since the start of the survey in 2019. A rapid rise in new orders and a strong increase in output have boosted the sector’s performance. However, Freedom Holding Corp. warns that the situation could deteriorate due to the significant weakness of the tenge against the US dollar and other factors.

«However, the situation is complicated by ongoing logistical issues, rising raw material and supply costs, and the significant depreciation of the national currency. The combination of these factors has likely...

Six patients in Kazakhstan taking part in testing of a cancer treatment drug developed by local scientists have experienced a slowdown in tumor growth, and one had the tumor shrink. Vice-President of the Kazakh National Academy of Sciences Dos Sarbassov revealed the results of the initial phases of the drug trial.  

«After the first drug intake, the conditions of 15 cancer patients stabilized, and the tumors of six of them stopped growing. Currently, the patients are receiving an increased dose of the drug, as health specialists have confirmed the absence of toxicity,» Sarbassov explained.

The acceptable maximum price for wheat from the new harvest for Kazakhstani farmers would be 31% higher than the current 80,000 to 85,000 tenge including VAT (approx. $156 to $166, at an exchange rate of USD1 = KZT511.22) per ton for third class wheat. Currently, the cost of such grain is about $125, said Yevgeny Karabanov, head of the Northern Grain group of companies and a spokesman for the Kazakh Grain Union, in an interview with ElDala.kz.

Market prices for wheat vary depending on quality. Currently, the cost of third class wheat with gluten up to 24% is $117 to...

Kazakhstan will not assist Russia in circumventing sanctions, although it does not support them. At the same time, the country does not intend to comply with certain economic restrictions if doing so would harm its industries, according to Deputy Prime Minister Serik Zhumangarin. He noted that Kazakhstan’s position on this issue has long been clear.

«There are certain goods produced in our country that fall under the sanctions list. We will not impose restrictions on these goods because they support significant labor forces and, in some cases, entire single-industry towns where production enterprises are located. This...

BI Group is set to announce the launch of sales for its latest overseas project: apartments on Dubai Islands, an artificial archipelago in the UAE. A month and a half ago, the Kazakhstani developer began offering projects in the U.S.

«BI Group’s growth strategy spans 10 countries over 10 years,» Aidyn Rakhimbayev, founder and chairman of BI Group, shared his plans on Instagram.

By 2024, the company has implemented projects in Uzbekistan, Azerbaijan, Georgia, Kyrgyzstan and Ukraine. In early October, the developer announced several projects in the U.S. The UAE will be the seventh country where BI Group...

Kazakhstan’s National Bank has raised the base rate by a percentage point to 15.25% per annum. This resolution was made during the session held on Nov. 29 amid a recently observed dramatic weakening of the tenge.

The decision to raise the rate marks the first change after three consecutive sessions in which the base rate remained unchanged. Right before the bank’s meeting, most analysts had predicted the indicator would be kept at 14.25%. In particular, Halyk Finance pointed to the inflation boost against the backdrop of the allocation of an additional target transfer from the National Fund. 

Kazakhstan’s National Bank has been performing foreign exchange interventions since Nov. 16, selling more than $1 billion in its foreign currency and gold reserves, according to National Bank Chair Timur Suleimenov.

«From Nov. 15 to Nov. 16, Kazakhstan’s National Bank performed foreign exchange interventions worth $1 billion. We continued doing so until yesterday. Thus, foreign currency and gold reserves reduced from $44.5 billion to $43.5 billion,» Suleimenov said during a briefing on the base rate.

He added that he could not disclose the amount of interventions carried out over the past two days, as it...

Russian President Vladimir Putin has stated that State Atomic Energy Corporation Rosatom is ready to construct a nuclear power plant (NPP) in Kazakhstan, yet he highlighted that it’s for the «client» to decide. 

«We paid significant attention to this matter during the negotiations yesterday, both in closed-door negotiations and extended talks. If Kazakhstan implements its projects in the nuclear power sphere, then, as any client, it has the right to choose the most reasonable technological solutions and financial schemes from its perspective. Kazakhstani colleagues are familiar with this activity; they are not starting from scratch. They...

Over two days — Nov. 27 to Nov. 28 — the exchange rate of the tenge fell by 4%. On Wednesday, it dropped to 500 against the dollar and nearly reached 520 on Thursday. Moreover, all of this occurred amidst high trade volumes — about $1 billion over two days.

In this situation, the regulator must make tough decisions that will shape Kazakhstan’s economy in the coming days and in the medium-term spanning from several months to a few years. First of all, this involves a decision about interventions in the foreign currency market. Secondly, on Nov. 29, the National...

Kazakhstan’s Ministry of Labor has been working to close loopholes in the country’s migration legislation. From now on, local companies will only be allowed to employ one foreign executive or deputy without a work permit.

The ministry has also updated the list of foreign workers exempt from work permit requirements in Kazakhstan. The revised draft regulation is now available for public comment on the Legalacts.egov.kz portal.

The authors of the amendments argue that foreign nationals in Kazakhstan often establish fictitious companies to legalize migrant workers. These companies may have a single foreign director and numerous foreign deputies, who do not...

Renowned Kazakh singer Dimash Qudaibergen has been honored by the Distinctive International Arab Festivals Awards (DIAFA) in Dubai. The festival recognizes outstanding individuals for their contributions to global art, culture, business and humanitarian activities. Dimash shared the exciting news on his Instagram page.

«Thank you DIAFA for the award for contribution to art. Thank you Dubai,» he captioned a photo of himself holding the award statuette.

Notably, Dimash is the first person from Central Asia to receive this prestigious honor.

Since its inception in 2017, the DIAFA awards have been presented annually in Dubai...

Russia will not test or launch any military rockets at the Baikonur Cosmodrome in 2025. According to Kazakhstan’s Ministry of Digital Development, Russia plans to carry out nine rocket launches next year, all of which will be for civil and peaceful purposes.

Russia has already submitted its space vehicle launch plan for 2025 through diplomatic channels. The document has been published on the Legalacts.egov.kz website.

«The Ministry of Foreign Affairs of Kazakhstan has informed us that the plan we received contains no launches of military space vehicles or test rocket launches from the Baikonur Cosmodrome...

Kazakhstan’s government conducted its tenth online auction for six oil and gas fields for further exploration and development. Several companies offered the biggest subscription bonuses; many of them were from China.

For instance, Pro Explore Mining Co. Ltd, established by Chengwei Yang, obtained the right to explore the Kigash field in the Atyrau region. As per the Ministry of Construction’s demand, the company must drill two wells and conduct seismic measurements. The estimated cost of the work is $9 million.

Sozak Oil and Gas acquired the Bestakyr field in the Ulytau region. This company was established by several Chinese companies...

Russia was compelled to use the Oreshnik missile system against Ukraine, said Imangali Tasmagambetov, secretary general of the Collective Security Treaty Organization (CSTO), in an interview with the TASS news agency.

Tasmagambetov outlined the key topics to be addressed by the heads of member states during the CSTO meeting on Nov. 28 in Astana. These include strengthening the Afghan-Tajik border, the ongoing war between Russia and Ukraine, the exchange of missile strikes involving ATACMS and Oreshnik systems, and preparations for the commemoration of the victory in the Great Patriotic War (1941-1945).

«First of all, an exchange...

Slow integration with the banking system and problems with money transfers through correspondent banks are the key barriers hindering the development of the cryptocurrency market in Kazakhstan. This conclusion stems from a survey by experts from RISE Research, Freedom Horizons, the Astana International Financial Centre (AIFC), the National Payment Corporations of Kazakhstan, Mastercard and KPMG Caucasus and Central Asia.

The weak connection between banks and crypto exchanges makes it more difficult to process transactions from fiat money to cryptocurrency, slowing the industry’s overall development. Limited awareness among the population and a lack of cryptocurrency sellers also hinder the growth of...

Russian President Vladimir Putin thanked Kazakh President Kassym-Jomart Tokayev for the warm reception during his state visit to Kazakhstan, where he is also attending the Collective Security Treaty Organization (CSTO) meeting today.

«I would like to thank you for such a grand welcome. While we regularly meet in a professional setting, this kind of reception is truly exceptional,» the Russian president remarked.

Putin emphasized that Russia considers Kazakhstan a close friend and ally.

«I want to thank you for the consistent attention you give to strengthening Russia-Kazakhstan ties. We value it...

Kazakhstan’s Minister of Labor Svetlana Zhakupova expects South Korea to adopt an agreement on the Employment Permit System (EPS) program, which would allow Kazakhstani citizens to work legally in the country, by the end of 2024. She explained that the process of finalizing the document has been delayed due to changes in leadership at the South Korean Ministry of Employment and Labor (MOEL).

«Last month, Kazakhstan’s foreign minister held direct talks with the South Korean labor minister. However, due to a change in leadership at the South Korean labor ministry, the approval process has been delayed...

The National Fund has lost about $4 billion because of bad investments in bonds issued by Kazakhstani banks as part of governmental support for those banks. Chair of the National Bank Timur Suleymenov, revealed this data while responding to an inquiry from members of parliament.

«We had been helping banks since the middle of the 2000s by acquiring their bonds. Those bonds were issued at a very low rate of 1% to 3%. Their nominal value is more than $5.9 billion, while their fair market value is just $2.1 billion. We’ve got that difference because the...

Sony has not yet connected Kazakhstan to the PlayStation Store due to concerns that players from Russia and other sanctioned countries could use Kazakhstani accounts to bypass restrictions, according to Zhaslan Madiyev, Kazakhstan’s minister of digital development.

Madiyev said that he met with Japanese embassy officials and passed on a formal connection request to Sony.

«So far, there has been no feedback. If we can arrange a meeting with the company, we will definitely raise this issue. Sony’s main concern is that citizens of countries where they are prohibited from operating could use Kazakhstani accounts to...

EuroChem Karatau, a subsidiary of the Russian EuroChem, plans to launch a fertilizer manufacturing facility in the Zhambyl region in February 2027.

According to a statement published by the company, the approximate timeline for the project is 24 months. Construction is expected to start in the first quarter (March) of 2025 and finish in the first quarter (February) of 2027.

Once completed, the plant will operate until 2052-2053, when its equipment will have to be replaced. The fertilizer manufacturing plant will consist of a sulfuric acid plant (SAP Plant) with a capacity of 800,000 tons per year, a potassium sulfate...

Armenia’s Prime Minister Nikol Pashinyan will not attend the summit of the Collective Security Treaty Organization (CSTO) in Astana, according to the RIA Novosti news agency, which cited Russian presidential aide Yury Ushakov.

The leaders of Russia, Kazakhstan, Belarus, Kyrgyzstan and Tajikistan are scheduled to meet in Astana on Nov. 28 to participate in the session of the CSTO Collective Security Council.

On Nov. 25, the international news agency Novosti-Armenia reported that Armenian Foreign Minister Ararat Mirzoyan would also not attend the joint session of the Foreign Ministers’ Committee, which is set to take place on the sidelines of the...