On 7 March 2024, the Kazakhstan Ministry of the National Economy initiated a public consultation regarding the preliminary changes to the tax code.
The main tax measures are as follows:
- The draft amendments include varying corporate income tax rates for different sectors. These are:
- General sectors: 20%
- Banking sectors: 25%
- Agricultural producers: 10%
- financial leasing sectors: 10%
- Education, health care, and medicine sectors (social sphere): 10%
- Initiatives to encourage reinvestment of profits in business development activities, which include incentives such as reduced or waived corporate income tax on profits designated for technological upgrades and scientific advancements, alongside revised depreciation rates;
- Higher taxes on luxury items, which include higher rates for goods that surpass a set threshold;
- Increased maximum tax on yachts and the application of excise taxes on expensive cigars and alcoholic beverages;
- Transitioning to a service-oriented tax administration model leveraging IT technologies to bolster support for businesses, m
- Foreign and domestic investors are granted tax and mandatory payment exemptions during the initial three years of implementing new manufacturing projects.
The deadline to receive comments is 27 March 2024.
