Kazakhstan: National Bank reduces the annual base interest rate from November 2023
On 24 November 2023, the National Bank of Kazakhstan decided to reduce the annual base interest rate from 16.00% to 115.75% annually with the interest rate corridor of +/– 1 percentage point. The rate is effective from 27 November 2023 and is
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Kazakhstan’s Tax Overhaul: What Foreign Investors Need to Know About the Upcoming Reforms
On 1 September 2023, President Tokaev addressed the nation and announced a number of important tax policy considerations. To achieve its economic goals, including modernization and diversification of the economy, Kazakhstan should adjust its tax
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Kazakhstan: National Bank reduces the annual base interest rate from August 2023
On 25 August 2023, the National Bank of Kazakhstan decided to reduce the annual base interest rate from 16.75% to 16.50% with effect from 28 August 2023. The interest rate has a tax effect on the late tax payment interest and
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Kazakhstan takes legal action against companies over oil fields development
The Government of the Republic of Kazakhstan (RK) represented by the authorized body, PSA, filed a lawsuit against the operators of the Kashagan and Karachaganak fields. The reason of the lawsuit is the inclusion of unreasonable expenses by the
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Kazakhstan provides exemptions on income from IP and IT
On 23 December 2022, the State Revenue Committee of Kazakhstan issued a press release clarifying the corporate income tax exemption for intellectual property (IP) and information technology (IT) income. The release was issued in accordance with the
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Kazakhstan: National Bank sets its base rate from January 2023
On 13 January 2023, the Monetary Policy Committee of the National Bank of the Republic of Kazakhstan made a decision to set the base rate 16.75% annually with the interest rate corridor of +/- 1.0 percentage points. The rate is used for computing
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IMF Report Looks at the Economy of Kazakhstan
On 14 December 2022 the IMF issued a report following the conclusion of discussions with Kazakhstan under Article IV of the IMF’s articles of agreement. Kazakhstan’s real GDP growth is expected to decrease to 2.7% in 2022, down from 4.3% in
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Kazakhstan clarifies tax exemption criteria for dividends from listed securities
Kazakhstan clarifies tax exemption criteria for dividends from listed securities 7 Dec 2022 On 17 November 2022, the Government of Kazakhstan issued Resolution No. 911 clarifying tax exemption criteria for dividends from listed securities. The
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Kazakhstan explains amendments to the taxation of dividends
On 11 November 2022, the State Revenue Committee of Kazakhstan issued a press release regarding amendments to the taxation of dividends with effect from 1 January 2023. The amendments are made according to the Law No. 135-VII of 11 July 2022. The
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OECD: Peer Review Report on Dispute Resolution Mechanisms in Kazakhstan
The second stage peer review report on the implementation of the Action 14 minimum standard (making dispute resolution more effective) by Kazakhstan was published by the OECD’s Inclusive Framework on 13 September 2022. Kazakhstan has a
See MoreKazakhstan issues Law on amendments to the tax code
On 11 July 2022, Kazakhstan issued Law No. 135-VII on amendments to the tax code which will be effective from 1 January 2023. The Tax Code of the Republic of Kazakhstan provides for a number of following changes: Limitation of deductions
See MoreKazakhstan: Government invites public comments regarding transfer pricing amendments
On 16 March 2022, the State Revenue Committee announced that they opened a public consultation on a draft bill to amend transfer pricing rules. The deadline for this public comments is 8 April 2022. The draft Bill contained the following measures
See MoreKazakhstan: Government announces tax benefits for manufacturing industry
On 28 February 2022, the State Revenue Committee announced new corporate income tax and value added tax (VAT) benefits for the small businesses in the manufacturing industry. This was reported by the State Revenue Committee of the Ministry of
See MoreKazakhstan: President signed the legislation to amend the tax Law
Recently, the President signed legislation to make changes to the tax law. Most of the changes effect from 1 January 2022. Some of the amendments are given below: The amendments introduce rules regulating the procedures for the control of the
See MoreKazakhstan: National Bank increases its base rate from July 2021
On 26 July 2021, The Monetary Policy Committee of the National Bank of the Republic of Kazakhstan made a decision to increase the base rate from 9% to 9.25% annually with the interest rate corridor of +/- 1.0 percentage points. The rate is used
See MoreKazakhstan: State Revenue Committee announces some amendments in tax code
On 28 July 2021, the State Revenue Committee announced amendments that have been made to Tax Code. The changes were introduced by Law No. 52-VII of 24 June 2021 and, unless otherwise specified, generally apply from 1 January 2022. The Tax Code of
See MoreKazakhstan deposits notifications on its tax agreements
On 27 November 2020, OECD has published the updated position of signatories’ countries regarding the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). Accordingly, on 26 November
See MoreKazakhstan: BEPS MLI enters into force
On 29 September 2020, OECD has published the updated position of signatories’ countries regarding the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). Accordingly, MLI entered
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