Cashing and how to fight it

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Possible ways to counter the growth of the shadow economy and cashing were the subjects of the meeting of the National Chamber of Entrepreneurs of Kazakhstan "Atameken"

The meeting was held in the format of a videoconference under the chairmanship of Deputy Chairman of the Board of NCE RK Yuliya Yakupbaeva, it was attended by Deputy Prosecutor General of the Republic of Kazakhstan Andrei Kravchenko, financiers and bankers.

The representative of the main supervisory body urged the bankers to engage in a constructive dialogue. As you know, in late May, the General Prosecutor's Office of the Republic of Kazakhstan send a petition to the Head of the State, which proposed a number of measures to combat the shadow economy and capital outflows. The main proposed idea was imposition of a tax on cashing out large sums.

According to Yuliya Yakupbaeva this proposal, which was discussed at the site of the Government, didn’t find the unanimous support among government agencies. Members of the National Chamber of entrepreneurs also expressed their concerns on this matter. In this connection, the parties have proposed to develop a set of measures that would help to fight with cashing out large sums, while not having the nature of an outright ban.

Talking about the relevance of the theme of combating cashing, Deputy Attorney General pointed to the proximity of Kazakhstan to Middle Eastern homelands of international tension. Andrei Kravchenko also noted the relationship of cashing out with the facts of pseudo-entrepreneurship and the growth of corruption crimes.

According to the Deputy Attorney General, "cashing-out" poses a serious threat to the economic basis of society, because it indicates the growth of illegal transactions, tax evasion and the "shadow" economy, which in Kazakhstan reached the critical indicator of 30%.

"We do not believe that the fight with cashing out should be executed by law enforcement methods. And so we wait for your constructive proposals", - said Andrei Kravchenko.

According to representatives of the National Bank of Kazakhstan, who have formed a set of proposals, based on international experience, the situation can be changed through the increase the share of non-cash payments. And this is supposed to stimulate the population and different types of business by tax concessions.

Specialists of second-tier banks also made their suggestions, which are more concerned to reduce the tax burden for businesses, practicing electronic payments.

However, bankers, and a representative of the prosecutor's office, and experts of NCE agreed that the end of "cashing out" will be the transition to universal declaration of income and expenses.

After lengthy discussion, the parties agreed on the need for a set of measures to promote the use of cashless payments among population and business, based on the work of the National Bank of Kazakhstan.

Representatives of the banks find it necessary to work carefully with the Ministry of Justice of the Republic of Kazakhstan on the measures in order to improve accountability for registration of legal persons in order to avoid the facts of pseudo-entrepreneurship.

The two sides also expressed the need for the involvement of experts of the World Bank, responsible for counter cashing income obtained by illegal means, in the discussions about the favorable business conditions and the requirements of the rating “Doing Business”. In these matters it is necessary to find a balance.

Concluding the meeting, Yuliya Yakupbaeva assured the participants of the discussion that all the raised proposals will be systematized, and the work on developing common approaches to cashing out with the Prosecutor General's Office will continue.