Tax NewsFlash - September 2021

Dear Readers,

The Ministry of Finance approved¹ the form of Income and Property Declaration for Individuals (form 270.00) and the rules for its preparation. Individuals subject to filing obligations under the first stage of the introduction of the universal filing will be required to submit the declaration in 2022.

The Income and Property Declaration for Individuals includes the following sections:

1)     Taxpayer’s general information;

2)     Income information for the reported year, including income from abroad;

3)     Tax exemptions and tax deductions;

4)     Information on acquisitions (receipts) of property and on funding sources for the acquisitions;

5)     Information on disposal of property and the disposal proceeds;

6)     Information on funds on bank accounts abroad with the aggregate balance exceeding 1000 times the MIF;

7)     Information on notarized agreements to borrow/lend money, including those outside Kazakhstan, except for borrowings from banks or banking organizations in Kazakhstan;

8)     Information on property abroad;

9)     Financial profit of controlled foreign companies.

A taxpayer declares information on the property subject to the state or other registration, or property the rights to which and/or transactions with which are subject to the state or other registration, including property located abroad.

The order is effective from 1 January 2022.

¹ Order No. 927 of the Minister of Finance of the Republic of Kazakhstan On the Approval of the Form of Income and Property Declaration for an Individual and the Rules for its Preparation, dated 13 September 2021