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Kazakhstani people will have to pay tax on the state deposit premium

Kazakhstan imposed a tax on remuneration on individual tenge deposits announced in 2022 and payable after February 23, 2023 into the Tax Code, the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan reports.
Kazakhstani people will have to pay tax on the state deposit premium

Kazakhstan imposed a tax on remuneration on individual tenge deposits announced in 2022 and payable after February 23, 2023 into the Tax Code, the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan reports.

“Income adjustment is made on following income: (…) compensation (premium) on deposits of individuals placed in tenge,” the State Revenue Committee informed in a statement.

The adjustment will be effective from January 1, 2023 to January 1, 2025.

The Committee does not report whether it is possible to withdraw a deposit from a bank without paying tax after January 1, 2025. The tax rate is also not reported.

When selling inherited real estate, the tax is imposed into the Tax Code of the Republic of Kazakhstan from January 1, 2023, the period when real estate is on the right of common joint property of the spouses.

The resulting income from the increase in value from the sale of digital assets is also subject to PIT.

The deadline for applying for compensation (premium) in the amount of 10% on tenge deposits has been extended until February 10, 2023 in Kazakhstan.

Kazakhstan Deposit Insurance Fund (KDIF) reported on this occasion that as of January 1, 2023, banks accepted applications from depositors for 303.9 billion tenge. These are 90.5% of the potential total compensation amount, that is, about 10% of depositors did not send applications for compensation to their banks.

A 10% bonus will be accrued to the depositor by the bank where the depositor has a deposit. Payments are to be made after February 23, 2023.

We would like to remind you that compensation will be paid on tenge deposits that were opened before February 23, 2022.

Source: https://prodengi.kz/post/s-kompensacii-gosudarstva-po-depozitam-kazaxstancev-v-tenge-pridetsya-uplatit-ipn-kgd-mf-rk

Photos are from open sources.

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