Azernews.Az

By Aynur Jafarova

Kazakhstan will receive applications for legalization of property until late November 2015, Kazakh Deputy Finance Minister, Ardak Tengebayev said at a press conference on September 4.

"Meanwhile, applications for legalization of money will be received till December 31, 2015," Tengebayev said.

Tengebayev said reviewing process of the applications for property certification will last one month.

He noted Kazakhstan will publish a general income declaration in 2017. The current property and capital certifications are designed to precede by the declaration.

The deputy minister also highlighted the key differences of the current legalization process with the previous one.

There are several differences. First of all, the money can be kept on the accounts of second-tier banks or at Kazpost Joint Stock Company for five years.

Secondly, in case of early use of the money, it can be invested in the economy of the country without payment of duties by means of acquiring bonds, securities, shares of the second-tier banks, national holdings and the People's IPO.

Thirdly, there is an opportunity for people legalizing their money to purchase property within the second wave privatization.

If the Kazakh citizens legalizing their money don't want to use the current mechanisms of investing, they can pay a 10-percent duty for legalization.

The law on granting amnesty to Kazakh citizens, repatriates and persons who have a residence permit in Kazakhstan, due to certification of their property, came into force on September 1, 2014.

Earlier the value of certified property in Kazakhstan could exceed $10 billion.

In April 2014, Kazakh President Nursultan Nazarbayev instructed the officials in charge to carry out a capital amnesty prior to introduction of an income declaration on January 1, 2017.

Kazakhstan previously held the capital certification in 2001 and 2006-2007.

Earlier Chairman of the Agency for Competition Protection Galim Orazbakov said Kazakhstan has chosen 590 companies out of 6,000 communal enterprises and social corporations operating in the country for privatization.

The companies will be sold as part of the second wave of privatization ordered by President Nursultan Nazarbayev.

The second stage of privatization is aimed at reducing the state's presence in the entrepreneurship.

The second wave of privatization planned for 2014-2016 will involve 853 state companies.