The State Revenue Committee published a press release on 1st April 2016 describing the amendments to the taxation of property transactions conducted by individuals. According to the release, the amendments were introduced by Law No. 412-V of 18 November 2015 “On amendments and additions to some legislative acts of Kazakhstan on the declaration of income and property of individuals”, which will be effective from 1st January 2017. From 1st January 2017 capital gains are exempted from individual income tax if they are derived from the transfer of property as a contribution to the charter capital of a legal entity, given that such property is held for at least 1 year. The exemptions applies for properties like motor vehicles and trailers, dwellings, suburban buildings, garages and objects of private farming located on the territory of Kazakhstan and land or plots of land situated on the territory of Kazakhstan. Note that the land must be initially bought for the purposes of individual housing construction, country house (dacha) construction, private farming or for a garage.