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Kazakhstan Bond Market Proposed Tax Changes Aim to Attract $3 Billion in Foreign Investment

Kazakhstan is preparing tax changes to make it easier for foreign investors to trade bonds issued by quasi-state entities through international depository systems. The authorities estimate potential foreign investment in the market at around $3 billion. The problem currently arises after the securities have been purchased. If a foreign investor sells the bonds on a Kazakh stock exchange, capital gains are exempt from tax. But if the same securities are sold outside a local exchange, that exemption does not apply. [...]