The mechanisms of endowment fund operations, as well as the
rules for their use of investment income and the financing of socially
significant sectors, will be specified in Kazakhstan. The Mazhilis, the Lower
House of the Kazakh Parliament, has approved the corresponding draft law in its
first reading. Its main goal is to establish a legal framework for the
activities of such organizations in the country. The document outlines the
areas that the funds will support through investment. These include education,
science and innovation, mass sports, social protection of the population, and
certain areas of healthcare. Currently, over 20 endowment funds are operating
in the country. Under the draft law, they will be required to report their
income and expenses on a special platform and undergo annual audits. The
introduction of tax incentives for fund contributors is also planned. Notably,
the draft law is based on international practices from countries such as the U.S.,
Russia, Australia, France, and Singapore.
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