Dear Readers,
The Government approved1 a list of exporters of raw materials entitled for a refund of up to 80 percent of the excess input VAT under the simplified procedure.
The amendments2 to Article 434 of the Tax Code effected on 1 January 2022 entitled exporters of raw materials that converted at least half of their foreign-currency proceeds to refund up to 80 percent of the excess input VAT under the simplified procedure.
The Government approved a list of exporters of raw materials qualifying for these benefits. The list consists of 128 entities from oil and gas and mining sectors of the economy.
The resolution entered into effect on 21 October 2022.
1 Governmental Resolution No. 784 On Approval of the List of Raw Materials Exporters Entitled for the Simplified VAT Refund Procedure When Converting At Least Half of Their Foreign Currency Proceeds, dated 4 October 2022
2 Law No. 85-VII of the Republic of Kazakhstan On Amendments and Addenda to the Code on Taxes and Other Mandatory Payments to the State (the Tax Code) and the Law on Enactment of the Code on Taxes and Other Mandatory Payments to the State (the Tax Code), dated 20 December 2021