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Amendments to the Tax Code of the Republic of Kazakhstan and questions of foreign currency mortgage loans were discussed by senators

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by June 23, 2020 General

Today, the Finance and Budget Committee of the Senate held an extended session, where amendments to the Tax Code and the Law on its introduction were reviewed.

The primary intent of the bill is the implementation of the actions envisaged in the Comprehensive Plan for the economic growth recovery until the end of 2020, particularly concerning taxation, aimed at increasing the self-sustainability of the economy, rehabilitation of the service economy and stable development of the real sector.

The adoption of the document will promote the citizens’ social welfare, simplify the tax administration, as well as will enable the application of supportive measures to the National Infrastructure Operator, domestic motor transport enterprises, mass media, enterprises of the mining and smelting complex, and airports.

At the session, senators also reviewed the bill “On Making Amendments and Additions to Some Legislative Acts of the Republic of Kazakhstan on Mortgage Loans in Foreign Currency, Improvement of Regulation of the Payment Services Market Entities, Overall Declaration and Economic Growth Recovery”.

The main objectives of the bill are the completion of work related to foreign currency mortgage loans to the general public secured by residential property and granted before January 1, 2016, as well as the enhancement of the efficiency of regulation of non-bank organizations, including payment systems, so as to reduce the risks of money laundering, capital withdrawal from the country and to counteract the shadow economy.

This document is also directed at the implementation of the Comprehensive Plan for the economic growth recovery until the end of 2020.

The documents were submitted to the House.

 

 

Source: Mazhilis of the Parliament of the Republic of Kazakhstan

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