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On 1 January 2025, previously postponed amendments to certain articles of Code of the Republic of Kazakhstan No. 120-VI On Taxes and Other Mandatory Payments to the Budget (the Tax Code) dated 25 December 2017 (hereinafter referred to as the “the RK Tax Code”) came into effect. These amendments relate to the requirements for submitting the Declaration of Assets and Liabilities (hereinafter referred to as “Tax Form 250.00”), the Declaration of Income and Property (hereinafter referred to as “Tax Form 270.00”), and the Declaration of Individual Income Tax (hereinafter referred to as “Tax Form 240.00”).
Obligations for Submitting the Above-mentioned Declarations for Tax Residents of the Republic of Kazakhstan
According to the new version of the RK Tax Code, the obligation for tax residents to submit Tax Form 240.00 has been abolished. It is important to highlight that previously citizens of the Republic of Kazakhstan (hereinafter referred to as the “RK”), as well as foreigners and stateless individuals who were tax residents of the RK were obligated to submit Tax Form 240.00 if they received income both outside of the RK and/or within the RK during the reporting period that was not subject to withholding tax at the source of payment. Additionally, those citizens of the RK and foreigners who hold residence permits were also obligated to declare assets registered outside of the RK and funds held in foreign bank accounts.
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