Kazakhstan: Reduction in scope of VAT-exempt transactions
Effective January 1, 2026
The updated Tax Code, which becomes effective January 1, 2026, provides for the following reductions in the scope of value added tax (VAT)-exempt transactions:
- Article 476. Transactions related to land and residential buildings: The sale of residential buildings (or parts thereof) by property developers will be exempt from VAT only if their construction was started and/or completed before January 1, 2026.
- Article 477. Transactions involving financial operations: Certain banking operations will no longer be exempt from VAT, including (1) acceptance of deposits, (2) opening and maintaining bank accounts, and (3) lending, transfer, and cash operations. The VAT exemption will be retained only for (1) foreign currency exchange operations and (2) payment card transactions. In addition, under the new provisions, transactions involving the sale of digital assets will no longer be exempt from VAT.
Read a September 2025 report prepared by the KPMG member firm in Kazakhstan