Regulation Implementation Acts to Be Established, Outlining Usage Guidelines
Insights into Kazakhstan's Upcoming Tax Code Amendments and Crypto Taxation
In the upcoming discussion, tax experts Aidar Masatbaev, LL.M. and Daugen Karashev, legal consultant and compliance officer in the digital assets field, will shed light on the draft law for amendments to the Tax Code, the intricacies of cryptocurrency taxation, securities taxation, changes in the tax regime for individuals, and many more topics.
The amendments to the Tax Code, a crucial economic reform, have been gaining attention due to several notable changes. The VAT rate has been set at 16%, a decrease from the initial proposal of 20%. Additionally, the threshold for mandatory VAT registration has been raised from 15 million to 40 million tenge. Reduced VAT rates have been implemented for medical services and medicines, while certain goods and services will become VAT-exempt, such as socially significant food items and domestically published books. Agricultural producers will also benefit from an increased VAT offset, rising from 70% to 80%.
The cryptocurrency sector, a significant contributor with $34.6 million in taxes over the past three years, is poised for further growth. However, a significant portion of the market remains unregulated outside the Astana International Financial Centre (AIFC), with many transactions happening beyond government oversight. Despite this, the details regarding changes in the cryptocurrency taxation, as well as securities taxation, will be explored during the discussion.
The plans for the future include the development of CryptoCity, a digital hub aiming to integrate cryptocurrencies into everyday transactions, and the creation of a central bank digital currency, the digital tenge. Additionally, the government is exploring the potential of using surplus energy to power crypto mining operations as part of modernizing its energy system.
The discussion will also delve into changes in the tax regime for individuals, biometrics in tax administration, and bank secrecy disclosure. While specific details about changes in the tax regime for individuals, the use of biometrics in tax administration, and bank secrecy disclosure have yet to be shared, the discussion promises valuable insights for those looking to stay informed about financial reforms in Kazakhstan.
Join Aidar Masatbaev, Daugen Karashev, and the live audience as they explore these topics in detail and clarify any uncertainties regarding the draft law on amendments to the Tax Code and its potential impact on citizens and businesses in Kazakhstan.
I, as a business owner, am eager to learn more about the amendments to Kazakhstan's Tax Code and how it will affect my operations, particularly with regards to the taxation of my business activities involving cryptocurrencies.
Understanding the changes in the tax regime for individuals will also be crucial in planning my personal financial strategy in light of the upcoming amendments to the Tax Code.
