Will Kazakhstan introduce tax on instant money transfers?
BAKU, Azerbaijan, Nov. 14
By Nargiz Sadikhova - Trend:
Kazakhstan’s Ministry of Finance is not planning on introducing additional payments or tax from non-cash payments, Kazakh Minister of finance Alikhan Smailov said, Trend reports with reference to the press office of the ministry.
According to Smailov, due to the lack of fees for transfers, and ease and convenience of the use, the system of instant transfers is fast becoming popular among the citizens and business.
“There is no doubt that the Ministry of Finance knows that increase of non-cash payments provides for decrease of shadow economy. It should be noted that the ministry is not planning on introducing any additional payments or tax from such transfers, and is in no way planning on inspecting non-cash payments of physical entities,” Smailov said.
He added that the ministry will work on development of convenient and modern infrastructure for implementation of non-cash payments in cooperation with banks.
“Talking about entrepreneurship, it should be transparent. In particular, entrepreneurs should be submitting fiscal receipts in correspondence with the law, whereas starting from January 1, 2020, they are to start using online cash registers,” Smailov said.
He added that the ministry is in the process of working on the issue of administration of revenue of entrepreneurs, who use systems of instant transfers in their work.
“For example, this can be done via combining online cash registers and POS-terminals with the functionality of automatic filling and submission of tax reports. A pilot project can be tested the following year,” the minister said.
Earlier this month it became known that Kazakhstan’s Ministry of Finance plans to monitor money transfers of Kazakhs to identify entrepreneurs who avoid paying taxes. The ministry also noted that some of online money transfers made by Kazakhs via banks should be taxed, since it will bring income.
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