What’s Changing?

1. Data Transfer for IEs and Executives:

   • Information about the financial transactions of IEs, company directors, and their spouses will be automatically sent to tax authorities.
   • This measure aims to strengthen income oversight and combat the shadow economy.

2. New Limits for Individuals:

   • A limit has been introduced for transactions involving 100 or more different senders per month, totaling over 255,000 tenge over three months.
   • Exceeding this threshold may trigger an audit by tax authorities.

What Does This Mean?

• For Individual Entrepreneurs and Businesses:

  • Increased tax oversight and stricter reporting requirements.
  • Entrepreneurs must keep accurate records of income and expenses.

• For Individuals:

  • Regular transactions from a large number of senders may be treated as business activity.
  • You will need to register as an IE or justify the source of these funds.

Reasons for Tightened Measures

1. Combating Unregistered Business Activity:

   • Many individuals conduct business informally, using personal accounts without registration.
   • The new rules aim to identify such cases and increase tax revenues.

2. Enhancing Transparency:

   • The government seeks to reduce the shadow economy.
   • Bank data will help tax authorities better track individuals’ income.

Conclusion

The new regulations tighten control over financial transactions, prompting businesses and individuals to carefully plan their financial flows. While these measures promote transparency, they may face criticism from entrepreneurs and those engaged in informal activities.

The editorial board is not responsible for the content and accuracy of material taken, sent or obtained from other sources. The publication of such materials is for informational purposes only and does not imply automatic endorsement or approval of their content.

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