Offshore tax in Kazakhstan: from calculation to payment
This article provides a brief overview of the essence and the payment procedure of the so-called offshore tax in Kazakhstan.
The information herein is based on theoretical and practical information available as of april 2021. The content of this publication is intended for foreign businessmen and companies seeking to do business in the Republic of Kazakhstan.
Alert on the amendments to Kazakhstani legislation on the security of subsoil users’ relinquishment obligations
Kazakhstani legislation requires subsoil users or persons applying for solid minerals exploration right to provide security (“Security”) for the obligations on liquidation of consequences of subsoil use operations (“Relinquishment obligations”).
Domestic gas market regulatory reform
On 26 January 2021 Kazakhstan’s President, Kassym-Jomart Tokayev, held an Extended Session of the Government at which he stated that the domestic natural gas market is still over-regulated, which hinders increasing the resource base, investment in geological exploration, and construction of gas processing facilities.
Special Retail Tax Regime of 3%
From 1 January 2021, a number of changes provided for by the Law come into force. Thus, a new Chapter 77-1 of the Tax Code entered into force, which contains provisions on the application of the special retail tax regime (SRTR), which will be an alternative to CIT or IIT for businessmen.
Investment Tax Credit
On 1 January 2021, a number of changes in the tax legislation came into force , which are aimed at improving the investment climate. One of thу important changes is the introduction of provisions on an investment tax credit granted to taxpayers (hereinafter - the ‘ITC’).
This is to inform you that on 19 December 2020, the Law of the Republic of Kazakhstan ‘On the Introduction of the Amendments to Some Legislative Acts of the Republic of Kazakhstan on outstaffing services’ (hereinafter – the ‘Law’). Pursuant to the Law, the Labour Code of the Republic of Kazakhstan
Mining 2021: Kazakhstan
According to the latest official statistics, the "mining and quarrying" sector (excluding the production of oil and gas) plays an important role in the Kazakh economy, with a contribution of 4.9% to the country’s GDP based upon the results of 2019.