As officials have earlier noted, this initiative is proposed with consideration to social significance of the issue, as well as international practice on deductions and concessions. However, it will not apply to Kazakhstanis who travel outside the country or who receive savings through inheritance.
“As part of the draft development of the new Tax Code, the personal income tax exemption for pension payments from the Unified Pension Fund is proposed. It should be noted that the deadline for submitting this document to parliament is August 2024 with the date of entry into force from January 2025,” noted the Ministry of National Economy.
However, the preliminary amount of losses under the personal income tax will be about 4.1 billion tenge. The ministry spoke about carrying out additional calculations.
The amendment in taxation of pension payments first became known in early May 2024.
Let us remind you that according to the current Tax Code, funds from the UAPF are subject to individual income tax at a rate of 10%. IIT is withheld in total from all amounts of payments to the depositor at the expense of CPC, CPPC and voluntary pension contributions.
Source: https://lsm.kz/pensionnye-den-gi-planiruyut-osvobodit-ot-ipn-podrobnosti
Photos are from open sources.
