The Ministry of National Economy of Kazakhstan reported on the innovations that will be introduced following the approval of the new Tax Code in the country.
Vice Minister Azamat Amrin said that the new Tax Code plans to introduce differentiation in the corporate income tax rate. The base rate of 20% will remain unchanged.
An increased rate of 25% will be introduced for the banking sector and gambling business.
If banks provide loans to the real economy, a base rate of 20% will be applied to such income.
For the production of high-tech products, financial leasing and the social sphere (education, medicine, healthcare), a rate of 10% is proposed, the vice minister added.
The official noted that for the social sector it is proposed to allow the payment of dividends to its shareholders and founders, who are currently exempt from corporate income tax with a restriction on the payment of dividends. He also clarified that the 3% rate will be maintained for agricultural producers.
The draft of the new Tax Code was submitted for public discussion on June 21.
Earlier, a presentation of the draft new Tax Code for experts was held at the Institute of Economic Research. According to Halyk Finance analysts, the government’s new approaches to tax reform are worsening the situation and will not solve the deep problems of Kazakhstan’s fiscal system.
Recently, the Ministry of Tourism and Sports of Kazakhstan announced the establishment of a specialized committee on the gambling business.
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