ASTANA, Kazakhstan, December 19. Moody’s
Rankings anticipates that Kazakhstan’s new tax code, scheduled to
take impact on January 1, 2026, will scale back the nation’s dependence
on transfers from the Nationwide Fund, thereby enhancing fiscal
sustainability, Development
stories by way of Moody’s.
The brand new tax code will introduce a progressive revenue tax system,
alongside will increase in company tax and VAT charges, in a bid to
broaden the tax base.
As well as, Moody’s notes {that a} forthcoming banking legislation will
modernize Kazakhstan’s monetary sector by delineating the
respective oversight roles of the Nationwide Financial institution and the monetary
market regulator. This reform goals to foster innovation and improve
governance throughout the sector.
The revised tax code is anticipated to streamline reporting
processes, lowering the quantity of paperwork by 30% and the quantity
of taxes by 20%. It should additionally simplify tax incentives and
collections, remove the unified land tax, and scale back the quantity
of tax charges for sure funds. These changes will influence
key areas of taxation, together with company and particular person revenue
taxes, funding incentives, and the general redistribution of the
tax burden.
In the meantime, President Tokayev has instructed the Parliament to
undertake a brand new legislation on Banks and Banking Actions by the tip of the
yr. The legislation, developed by the Company for Regulation and
Growth of the Monetary Market, seeks to make sure the steadiness
and sustainability of Kazakhstan’s banking system by improved
regulation and supervision. It goals to strengthen the resilience of
the banking sector, promote innovation, and improve the position of
banks in financing the true economic system.
