World Monitor Magazine, Business and Investments WM_march 2019_web | Page 19

DESTINATION KAZAKHSTAN
cific methods for determining the
amount of reductions from financial
profits of CFC.
2. According to the new Tax Code,
from January 1, 2018, environmental
audits will no longer be conducted
by tax authorities but rather trans-
ferred to environmental control
authorities. However, there are prob-
lematic issues on completing and pass-
ing assessments, appointed before the
adoption of the above norm. To complete
the rolling tax audits, scheduled before
January 1, 2018, the proposal calls for a
transitional provision on standards re-
lated to environmental audits.
3. In accordance with clause 5 of Ar-
ticle 412, the taxpayers’ obligation
from January 1, 2019 is to provide
paper invoices in relation to goods
– the code of the commodity nomen-
clature of foreign economic activity
(code TN VED) in the new Tax Code.
When discussing the draft Code, SMEs
asked for a similar obligation. However,
at present, not all taxpayers, especially
individual entrepreneurs, have the op-
portunity to determine the TN VED code
for goods sold. In this regard, it is pro-
posed to suspend this provision until
January 1, 2021.
4. In order to ensure tax collection
by strengthening remote control
and developing successful adminis-
tration based on the risk manage-
ment system (RMS), it is proposed
to create a database of third parties
(according to the experience of South
Korea). The database of third parties is
a collection of various information and
data on taxpayer’s activities, obtained
not only from government bodies, but
also from business.
For example, the taxpayer consumes a
huge amount of electricity and water,
while submitting declarations with loss-
es (without reflecting income).
It is proposed in Article 26 of the Tax
Code that an organization providing
water supply, sewage, gas supply, elec-
tricity, heating, garbage disposal, eleva-
tor maintenance and/or transportation
services, is obligated to submit infor-
mation on the services provided third
parties to the tax authorities.
These are all the major changes pro-
posed to date as part of this draft bill.
supported by EUROBAK
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