Kazakhstan ratifies FTA with Singapore
The Kazakhstani Senate, the upper chamber of parliament, ratified a free trade agreement in services and investments with Singapore on 27 June, 2024. This agreement, signed on 22 May 2023, aims to enhance trade and economic cooperation between the
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Kazakhstan approves tax treaty with Oman
In a move set to boost international economic relations, Kazakh Prime Minister Oljas Bektenov signed Decree No. 404, empowering Finance Minister Madi Takiev to finalise an income and capital tax treaty with Oman. Earlier, Kazakhstan's government
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Kazakhstan initiates public consultation for new draft taxation code
The Republic of Kazakhstan initiated a public consultation regarding the new draft Tax Code (On taxes and other obligatory payments to the budget) on 21 June, 2024. The consultation is set to conclude on 15 July, 2024. The Ministry of National
See MoreKazakhstan launches public consultation on corporate tax rate changes
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
See MoreKazakhstan: National Bank lowers the base interest rate to 14.75%Â
On 22 January 2024, the central bank of Kazakhstan, the National Bank of Kazakhstan, announced in an update that it reduced the base interest rate from 15.25% to 14.75%. The new base interest rate will be effective from 26 February 2024. Previously,
See MoreKazakhstan: National Bank reduces the base interest rate from January 2024
The National Bank of Kazakhstan, or Kazakhstan's central bank, announced that it had reduced the annual base interest rate from 15.75% to 15.25%. The new base interest rate will be effective from 22 January 2024. The interest rate holds
See MoreKazakhstan broadens special retail tax regime qualifying activitiesÂ
On 12 January 2024, Kazakhstan's State Revenue Committee released the Government Decree No. 1240 of 29 December 2023. The Government Decree came into effect on 15 January 2024. This Decree of the government outlines the types of activities for
See MoreKazakhstan’s Transfer Pricing Legislative Amendments 2023
Kazakhstan is undergoing a pivotal transformation in its transfer pricing framework, marked by the Majilis' approval of substantial amendments to the existing legislation. The aim is to curb revenue losses, prevent capital outflow, and align with
See MoreKazakhstan announces amendments to its tax lawsÂ
On 12 December 2023, Kazakhstan published Law No. 45-VIII of 12 December 2023 in the Official Gazette, providing various amendments to its tax laws including digital assets. The key amendments are as follows: The amendment of the new limit on
See MoreKazakhstan explains the tax refund procedure
On 8 December 2023, the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan explained the procedure for returning an overpaid amount of tax, payment to the budget, and penalties, as well as the procedure for offsetting
See MoreKazakhstan: Proposed super profit tax on Banks
As of 2023, Kazakhstan's banking sector is at an important juncture with the proposed introduction of a super profit tax. The proposed tax reform in Kazakhstan focuses on introducing a super-profit tax on banks' earnings from government securities.
See MoreKazakhstan: Draft amendments in the Tax Code
The website of the Senate of the Republic of Kazakhstan posted a draft of amendments to the Tax Code of the Republic of Kazakhstan for 2024. Some of the amendments are traditionally retrospective and enacted from past periods. Here are some of the
See MoreKazakhstan: 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
See MoreKazakhstan’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
See MoreKazakhstan: 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
See MoreKazakhstan 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
See MoreKazakhstan 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
See MoreKazakhstan: 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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