Transfers will remain free: The Ministry of Economy denied the rumors
The Ministry of National Economy of Kazakhstan has denied information about a 12% tax on transfers of citizens. The changes will affect only bank commissions.
After the resonance around the plans of the Ministry of National Economy to introduce a tax of 12% on money transfers, the information was promptly refuted. Representatives of the ministry explained that the tax will affect only the income of banks, and not the funds of citizens.
The essence of the changes is the imposition of value added tax (VAT) on commissions that banks charge for their services, such as transfers between banks or issuing cards. For example, if a customer pays a commission of 100 tenge for a transfer to another bank's card, the bank will have to pay 12 tenge of this amount in the form of VAT. It is important to note that: Transfers within one bank will remain free, including popular Caspi transfers. Citizens' funds will not be taxed.
The Ministry clarified that banks had previously enjoyed a benefit that exempted them from taxes on such income, but now it is proposed to cancel this benefit. However, the question remains how this will affect tariffs. Banks may increase the amount of fees, which will lead to an increase in the cost of services. Users should be prepared for such changes, although they promise to leave the existing tariffs unchanged for now. As they say, "we hope for the best, but we are preparing for the worst."
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