World Monitor Magazine, Business and Investments WM_march 2019_web | Page 18

DESTINATION KAZAKHSTAN
2. In order to increase investment
attractiveness, to create a construc-
tion class and implement the 7-20-
25 Program, a VAT exemption is of-
fered for the turnover rate when selling
goods produced and sold in the territory
of the FEZ Astana-New City (between
its participants).
Also, the right to choose to apply a zero
rate of VAT when selling goods on the
territory of the FEZ.
3. The norms of the draft law ex-
pand the categories of large tax-
payers that are subject to moni-
toring. These will also include subsoil
users operating in the offshore field
and taxpayers, the annual amount of
taxes paid, which is not less than 2 mil-
lion MCI.
4. In order to attract a wider range
of taxpayers to the use of the VAT
control account, it is proposed to
provide the following: 5. It is planned to move up the date
• VAT return without checks within 15
working days. turnover for individual entrepre-
neurs operating under a patent or a
simplified payment system, the vision
is to reduce up to 50% of the amount
of IIT within 60,000 tenge, that is, to
compensate part of the cost of the pur-
chased online cash register. This benefit
is provided until January 1, 2021.
• suspension of rules on confirmed amounts
claimed to be returned when exporting
goods, considering the received foreign ex-
change earnings.
• suspension of regulations when ship-
ping documents are present for export-
ed goods.
• auto return up to 100% for taxpayers
who are on tax monitoring (including for
large taxpayers from 70%, for horizon-
tal monitoring from 90%).
for fully transitioning the online
CCM application from 2024 to 2020.
6. In order to stimulate non-cash
7. According to the current Tax
Code, from January 1, 2019, persons
engaged in the provision of casino
services, a slot machine hall, a tote
and a bookmaker office (payers of
the gambling business) become VAT
payers. Within the framework of this
draft law, amendments were proposed
providing a procedure for imposing VAT
on gambling payers, for determining the
amount (base) of taxable VAT amount.
8. It is proposed to abolish licensing
for those engaged as stock brokers
and stock dealers. Currently, in order
to become a full member of the com-
modity exchange, a broker and dealer
must have a license and at the same
time be a member of the commodity ex-
change. Thus, the duplicated conditions
would not be required. Licensed fees
are also excluded from the Tax Code.
In addition, within the framework of the
draft law of the Republic of Kazakhstan,
“On Amendments and Additions to Cer-
tain Legislative Acts of the Republic of
Kazakhstan on the development of the
business environment and trading ac-
tivities,” the deputies proposed the fol-
lowing:
1. Temporary suspension of certain
taxation of profits for controlled
foreign companies (CFC), spe-
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