Kazakhstan’s Prime Minister Olzhas Bektenov urged local businesses to pay fair taxes within two weeks during a meeting addressing tax reform. Finance Minister Madi Takiyev noted misuse of special tax regimes, enabling some companies to evade tax obligations. Currently, only 8% of registered taxpayers are VAT payers, prompting calls for enhanced compliance and reform.
In a recent meeting, Kazakhstan’s Prime Minister Olzhas Bektenov urged local entrepreneurs and businesses to fulfill their tax obligations responsibly. He emphasized that tax authorities would soon notify companies about the need to pay additional taxes and encouraged them to file additional tax declarations within a two-week period. Should businesses fail to comply, the state may resort to using all available resources, including enforcement measures.
Finance Minister Madi Takiyev highlighted the ongoing analysis revealing that some taxpayers were exploiting special tax regimes originally designed to support small businesses. Specifically, various firms have been found to inflate costs in order to minimize their tax liabilities, which undermines the integrity of the tax system. This results in significant losses for one entity while another benefits from favorable tax conditions without the actual revenue.
Currently, Kazakhstan boasts 2.3 million registered taxpayers; however, only 8 percent of these, roughly 137,000, are registered VAT payers. A striking 81 percent operate utilizing a simplified tax regime, with 85 percent reporting incomes below 15 million tenge or approximately $30,000. This statistic underscores a pressing need for reform in tax compliance and revenue generation.
The emphasis on fair tax payments reflects a significant step in Kazakhstan’s commitment to tax reform and economic integrity. The government’s call for compliance within the business community highlights the need for equitable contributions to the national budget. With a considerable number of taxpayers operating under simplified regimes, addressing tax evasion practices will be crucial for strengthening the economy and ensuring sustainable development.
Original Source: en.trend.az
