Tuesday03 December 2024
toshkent24.com

Kazakhstan may eliminate penalties for late submission of tax declarations.

Kazakhstan is set to eliminate the current practice of imposing fines for late submission of tax declarations, as reported by Bizmedia.kz.
В Казахстане рассматривают возможность отмены штрафов за опоздание с подачей деклараций.

This amendment was proposed in the draft Tax Code.

The Deputy Chairman of the Committee for State Revenues, Zhanibek Nurzhanov, stated that the innovation means that if a taxpayer fails to submit their report on time, it will be considered submitted with zero data.

He also noted that later the taxpayer will have the opportunity to submit a corrected declaration for the same reporting period.

He added that as a result of this measure, penalties for late submission of reports will be abolished, significantly simplifying the process for both tax control authorities and citizens themselves.

Additionally, it was announced on November 19 that starting next year, 90% of employees in private companies, retirees, homemakers, and students will not be required to file a tax declaration.

However, it is important to note that this obligation will remain for civil servants, executives, founders of quasi-state and private organizations, including their spouses and individuals holding assets abroad.

The Ministry of Finance also proposed to require declarations from those who own property abroad, candidates for elective positions, civil servants, as well as those intending to become major participants in the banking, stock market, or insurance companies.