The Ministry of Trade and Integration proposes to separate socially significant food products from the general list of exchange goods. Their trading will be carried out on special exchanges determined by the government on a competitive basis. Minister of Trade and Integration Arman Shakkaliev announced this during a government meeting.
"The Ministry is forming a list of exchange commodities. Of these, we propose to single out socially significant exchange commodities. It will include coal, wheat, petroleum products and a number of socially significant food products. Considering their important role in ensuring energy and food security, their trade will be carried out only on those commodity exchanges that will be included in a special list. The list of commodity exchanges itself will be determined by a government decision on a competitive basis. This will ensure transparent pricing for such goods, as well as track commodity flows both within the country and in foreign economic activity (export/import )," the minister said.
The following are offered as incentives to enter the stock exchange:
- for domestic producers of NWPT - apply the offset method when paying VAT;
- for national exporters - introduce a simplified VAT refund procedure, for example, up to 5 days (currently 15 days);
- It is also proposed, together with KTZ, to revise railway tariffs for logistics in the event of an exchange transaction.
According to Arman Shakkaliev, the Ministry of Trade, together with the deputy corps, has already developed a draft law on exchange trading issues. It is proposed to tighten regulatory requirements for exchanges and strengthen state control, eliminate bypassing the procurement procedures of subsoil users, and also ensure access for domestic producers to transparent trading instruments.
As Prime Minister of the Republic of Kazakhstan Alikhan Smailov noted, there are currently 10 commodity exchanges in Kazakhstan that conduct trading in grain, oil products, coal and other goods.
“There were great expectations associated with stock trading. Over the past five years, legislation has changed twice. However, exchanges still do not fully perform their functionality in the market. The need for a conceptual revision of the legal framework and requirements for bidders was raised by the head of state,” the prime minister said.
He noted that the identified shortcomings should be eliminated within the framework of the new bill.