World Monitor Magazine, Business and Investments WM_march 2019_web - Page 18

DESTINATION KAZAKHSTAN 2. In order to increase investment attractiveness, to create a construc- tion class and implement the 7-20- 25 Program, a VAT exemption is of- fered for the turnover rate when selling goods produced and sold in the territory of the FEZ Astana-New City (between its participants). Also, the right to choose to apply a zero rate of VAT when selling goods on the territory of the FEZ. 3. The norms of the draft law ex- pand the categories of large tax- payers that are subject to moni- toring. These will also include subsoil users operating in the offshore field and taxpayers, the annual amount of taxes paid, which is not less than 2 mil- lion MCI. 4. In order to attract a wider range of taxpayers to the use of the VAT control account, it is proposed to provide the following: 5. It is planned to move up the date • VAT return without checks within 15 working days. turnover for individual entrepre- neurs operating under a patent or a simplified payment system, the vision is to reduce up to 50% of the amount of IIT within 60,000 tenge, that is, to compensate part of the cost of the pur- chased online cash register. This benefit is provided until January 1, 2021. • suspension of rules on confirmed amounts claimed to be returned when exporting goods, considering the received foreign ex- change earnings. • suspension of regulations when ship- ping documents are present for export- ed goods. • auto return up to 100% for taxpayers who are on tax monitoring (including for large taxpayers from 70%, for horizon- tal monitoring from 90%). for fully transitioning the online CCM application from 2024 to 2020. 6. In order to stimulate non-cash 7. According to the current Tax Code, from January 1, 2019, persons engaged in the provision of casino services, a slot machine hall, a tote and a bookmaker office (payers of the gambling business) become VAT payers. Within the framework of this draft law, amendments were proposed providing a procedure for imposing VAT on gambling payers, for determining the amount (base) of taxable VAT amount. 8. It is proposed to abolish licensing for those engaged as stock brokers and stock dealers. Currently, in order to become a full member of the com- modity exchange, a broker and dealer must have a license and at the same time be a member of the commodity ex- change. Thus, the duplicated conditions would not be required. Licensed fees are also excluded from the Tax Code. In addition, within the framework of the draft law of the Republic of Kazakhstan, “On Amendments and Additions to Cer- tain Legislative Acts of the Republic of Kazakhstan on the development of the business environment and trading ac- tivities,” the deputies proposed the fol- lowing: 1. Temporary suspension of certain taxation of profits for controlled foreign companies (CFC), spe- 14 world monitor