Private companies in Kazakhstan will receive 150% deductions for the introduction of innovations - Ministry of Science

Astana. May 30. KazTAG – Kazakh private companies will receive 150% deductions for introducing innovations, said Minister of Science and Higher Education Sayasat Nurbek.

“The bill provides for a large package of state support for innovation. These are tax deductions. 150% of the deduction will be implemented as part of the implementation of this bill,” - Nurbek said on Thursday.

According to him, if a private company, in partnership with a scientific research institute or university, creates an innovative production in order to increase the innovativeness of its production or increase the commodity value chain, or develop an innovative product, then the company receives 100% of tax super deductions for the funds that it invests, and another 50% on top, as additional motivation for the products or services produced.

“For example, in Finland, Japan and many other countries, such super deductions reach 200-300%, but we start with 150%,” - added Nurbek.

Photo source: picture from the open source