Almaty, Kazakhstan - July 14, 2008 - Kazakhstan Kagazy PLC (the "Company" or "Kagazy") (LSE: KAG), owner of one of Kazakhstan's leading industrial groups, today confirmed that its subsidiary, Kagazy Recycling LLP, has been granted tax holidays within the framework of the State support of direct investments, the main aim of which is to promote domestic producers The tax holidays are valid until 2013.
Under current Law of the Republic of Kazakhstan, Kagazy Recycling has been granted tax exemptions for the following taxes:
- Full tax exemption from corporate income tax (corporate income tax is otherwise chargeable at a rate of 30 per cent).
- Partial exemption from land tax (this is levied on the basis of the cadastral value of land).
- From property tax (property tax is chargeable at the rate of one per cent of the book value of fixed assets).
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For further information, please visit www.kazakhstankagazy.com or contact:
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Kazakhstan Kagazy |
Kazakhstan Kagazy |
Shared Value Limited |
Kazakhstan Kagazy Plc runs Central Asia's largest producer of paper, corrugated board and packaging products. It also operates one of the leading industrial real estate development companies in the country through Prime Estate Activities Kazakhstan LLP (Peak), which owns approximately 711 hectares of prime land, strategically located in a newly created industrial zone of the main cities of Kazakhstan, for construction of commercial warehousing and logistics infrastructure facilities. The Group reported total assets of approximately US$ 631.4 million as at December 31, 2007 and consolidated revenues of approximately US$ 78.7 million for the full year of 2007. Kazakhstan Kagazy Plc's securities are listed under the symbol "KAG" on the London Stock Exchange.
This statement contains certain forward-looking statements with respect to the financial condition, results, operations and businesses of Kazakhstan Kagazy plc. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. Nothing in this statement should be construed as a profit forecast.