Kazakh Officials Introduce Tax Incentives to Boost Creative Industry
Kazakhstan’s Creative Industry Thrives with Over 143,600 Employees
The creative industry in Kazakhstan is booming, with over 143,600 people employed across various sectors, according to Minister of Culture and Information Aida Balayeva. During a recent government meeting on March 18, Balayeva highlighted the sector’s continuous growth and outlined initiatives to further stimulate its development.
The creative industry in Kazakhstan comprises 12 sectors, encompassing 43 economic activity classifiers, with 45,597 registered entities contributing 1% to the country’s gross added value. The sector is dominated by individual entrepreneurs, particularly in Almaty and Astana, with folk crafts and the IT industry playing significant roles.
To support the creative industry’s growth, Balayeva proposed introducing preferential tax conditions, including maintaining the current retail tax regime and establishing reduced rates for VAT and corporate income tax for businesses in the sector. Additionally, a Creative Industry Development Fund will be established to support talent identification, project development, infrastructure enhancement, and export promotion.
Prime Minister Olzhas Bektenov emphasized the global significance of the creative economy, with forecasts projecting it to account for at least 10% of global GDP by 2030. In Kazakhstan, the development of computer games contributed to the country’s gross added value, and the local film industry saw a significant increase in releases, with domestic productions gaining popularity among viewers.
The government’s commitment to nurturing and promoting the creative industry is expected to yield long-term benefits for Kazakhstan’s economy and cultural heritage, ensuring its continued success in the global economy. The establishment of the Creative Industry Development Fund and the implementation of preferential tax conditions are steps towards fostering innovation and growth in the sector.
