Tax loosening
Tax amendments were approved
The Kazakh President Nursultan Nazarbayev signed the law "On amendments and additions to some legislative acts on tax and customs administration".
As reports the press service of the Head of State, the document provides a unit of amendments on tax policy. In particular, the reduction of the threshold for the registration as a VAT payer from 59.4 million tenge up to 6.4 million tenge; the extension of the validity of rules until 2022, according to which the payment of VAT on imports of goods is produced by offset method; abolition of payment of the fee for registration as an individual entrepreneur.
It also envisages the return of VAT for five years, accumulated during the exploration works, as well as reduction of the proposed by the Government severance tax (tax on the extraction of groundwater) for the food industry from 1 MCI up to 25% MCI, which has been agreed with NCE RK "Atameken" and the business representatives. In addition, there have been foreseen reduction of the payment of the severance tax on off-balance sheet reserves, produced with low margin deposits to the level of royalties.
In addition, the law includes rules on exclusion of 10 fold magnification rates for emissions above the standard level; spread of amendments on exchange rate differences up to 2009.
There is also an increase in the size of the total area of marginal agricultural land, allocated for peasants and farmers, engaged in free-range animal husbandry and 70% tax exemption for legal entities – agricultural producers in compliance with Chapter 63 of the Tax Code on the peasant farmers who switched to the generally established procedure.
During consideration of the document the Deputies also have made a few amendments, including one amendment on revision of the rate of excise duty on alcoholic beverages, except for cognac, brandy, wines, wine materials, beer and drink beer.
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Алимов Бахадыр
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