New rules for VAT payers

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A new draft Tax Code, which suggests decrease of the threshold of the value added tax, was submitted to the Mazhilis

A draft law was submitted to the lower Chamber of the Parliament, if it is adopted, the VAT rates may be revised. This was announced today during a tax conference in Astana by the Minister of National Economy Kuandik Bishimbayev.

"As you remember, last year, the threshold for registration as a VAT payer was lowered from 30 000 MCI to 2324 MCI (from 63.3 million to 6.8 million tenge). In general, we believe that this is the correct step, and we have to continue reduction of this threshold", - said the Minister. Kuandik Bishimbayev noted that "given the fact that we have one of the lowest rates - 12% and one of the world's highest thresholds, probably, the decision was justified".

"But given the current economic situation, it was decided to reduce gradually the VAT threshold. Therefore, the new draft law, which is submitted to Parliament, provided a slightly different schedule, although it is correct and right direction", - said the minister of national economy.

Thus, in 2018 in the framework of the law, " it was proposed to reduce the minimum threshold for registration as a VAT payer to 25 000 MCI, by 2019 - up to 20 000 MCI, and by 2020 - to 15 000 MCI".

In addition, the minister said, the draft law introduces the reverse norm "when the company can voluntary registrate as a VAT payer".

In order to support domestic agricultural producers, to increase the base of breeding cattle, it is offered to spread the benefits of VAT on forced slaughter of imported breeding stock within the norms of natural loss. In addition, to support the development of agricultural cooperatives, it was offered to exclude "the conditions on the presence of the land plot on the ownership right in order to apply the special tax regime for agricultural cooperatives, as well as the preservation of the right of application of the single land tax for farms that carry out sale of the previously used assets".

The draft law includes provisions that provide a gradual increase of excise tax rates. "In order to implement the Decree of the President of Kazakhstan, we include a new kind of interest rates, increase rates on alcoholic beverages up to 2,000 tenge per liter, an increase up to 45%. In 2018 - up to 2275 tenge, an increase of 14%, and in 2019 - up to 2550 tenge", - said the minister.

At the same time in order "not to put too much burden on our producers, it was proposed to introduce a zero rate for the production of ethyl alcohol, sold or used for the production of alcoholic beverages". Commenting on the possible innovation, the minister said, a similar exemption is applied in member states of the EAEU. Therefore, these provisions have been sent "more in fact that, to level out the field in which work our producers of alcoholic beverages".

"In addition, this rule allows us to get more revenue. It was agreed with industry associations, representing the interests of businesses, and with all interested state bodies", - assured Kuandik Bishimbayev.

To stimulate investment in the use of mineral resources, the draft law provides for an exemption of revenue from CIT when writing off the debt in the absence of a commercial discovery on investment financing. In order to support exports and increase the competitiveness of domestic manufacturers, there was introduced a norm on referral of services for the transportation of goods by rail to sea port Aktau to the international carriage of goods during overload to the maritime transport at the crossing border".

Zhanar Serdalina