A special state fund will be established for the city of Alatau. It will be financed from a portion of tax revenues, including corporate income tax and VAT. Today, members of the Mazhilis, the Lower House of the Kazakh Parliament, have begun consideration of a draft constitutional law of Kazakhstan «On the special status of the city of Alatau». The law is intended to transform the city into a major hub for business, technology, and investment. A collegial body, the City Development Council, is planned to be created, headed by the country’s Prime Minister.
«The draft law is aimed at creating conditions for
establishing the city of Alatau as an economic, technological, scientific and educational,
trade and entertainment investment center of international significance. It is
also intended to enhance guarantees and the level of legal protection for
investments, promote the city’s development, and apply advanced scientific and
technological innovations, approaches, and practices in order to build a smart
city and support Alatau’s economic growth,» noted Nurtai Sabilyanov, a member of the Mazhilis, the Lower
House of the Kazakh Parliament.
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