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K.Bishimbayev and the public discussed changes in Tax Code

by September 30, 2016 General

Ministry of National Economy and the Ministry of Finance has drafted a bill on the improvement of tax and customs administration.

Thus, the document will maintain the current minimum threshold to register VAT (30 thousand MCI) for 2017, a further gradual decline by 2020 – 15 thousand MCI (31.8 million tenge). It is also proposed to restore the rate of Tax Code on a voluntary registration in the VAT Register.

“It is proposed to extend VAT exemption in case of mortality and forced slaughter of imported breeding stock within the norms of natural loss to support domestic agricultural producers and increase the base of breeding stock,” the Minister informed.

According to the head of MNE of Kazakhstan, a phased increase in excise duties on alcoholic beverages was proposed: 2 thousand tenge per liter (an increase compared to the previous year by 45%) in 2017, 2275 tenge (an increase of 14%) in 2018, 2 550 tenge (an increase of 4%) in 2019.

“During the export of alcoholic beverages, it is proposed to establish a zero rate of excise duty on ethyl alcohol, sold or used for the production of alcoholic beverages (effective rate – 60 tenge / liter), to avoid double taxation and enhancing the competitiveness of domestic producers. A similar exemption operates in Russia and Belarus,” K. Bishimbayev announced.

It is proposed to make amendments in the exemption from PIT and CIT and state duty of banks and organizations with the forgiveness of debt problem loans to stabilize the financial sector and reducing the level of bad debts in the loan portfolio of banks.

It should be reminded that MNE of Kazakhstan is developing the combined Tax and Customs Code.

Source: The Prime Minister of Kazakhstan