Full text of the new Tax Code of the Republic of Kazakhstan

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The new Code will come into force on 1^st of January 2018

On 26^th of December 2017, the Kazakhstanskaya Pravda newspaper published the text of the new Tax Code, which will enter into force on 1^st of January 2018.

On 25^th of December, the President of Kazakhstan, Nursultan Nazarbayev, signed the Code "On Taxes and Other Mandatory Payments to the Budget" aimed at improving tax legislation. In addition, the Head of State signed laws "On the enactment of the Code of the Republic of Kazakhstan “On Taxes and Other Mandatory Payments to the Budget ", which determines the time frame for the implementation of the provisions of the new Tax Code and "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Taxation Issues", aimed at bringing the legislation in accordance with the new Tax Code.

It should be noted that the business community took an active part in the drafting of the Tax Code, a significant part of Atameken's initiatives are supported and taken into account:

· the current threshold for VAT in the amount of 30,000 MCI is preserved without a phased reduction;

· the existing special tax regimes are preserved;

· the social tax rate reduced from 11 to 9.5%;

· the principle of good faith of the taxpayer was introduced;

· fines and penalties will not be applied if the taxpayer acted in accordance with the explanation of the tax authority and on which the position subsequently changed;

· reduced the limitation period from 2020 for SMEs from 5 to 3 years, for the remaining 5 years.

The Code of the Republic of Kazakhstan "On Taxes and Other Mandatory Payments to the Budget by the Tax Code" No. 120-VI of 25^th of December 2017

The Law of the Republic of Kazakhstan "On the Implementation of the Code of the Republic of Kazakhstan "On Taxes and Other Mandatory Payments to the Budget" No. 121-VI dated by 25^th of December 2017

The Law of the Republic of Kazakhstan "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Taxation" No. 122-VI dated by 25^th of December 2017