Kazakhstanis to declare their income and property since 2020

ASTANA. KAZINFORM Minister of Finance of Kazakhstan Bakhyt Sultanov presented a bill on general declaration of income at today's sitting of the Majilis deputies .The draft law provides for introduction of income and property declaration by all individuals of Kazakhstan since 2020.

According to the Minister, the current administration system of Kazakhstan does not ensure effective control over the sources of income and property of all individuals, because the declaration of income is submitted by a limited scope of population (public officials, deputies, judges). As per the bill, among those who must declare their income are: 1) All residents of Kazakhstan aged 18 and above, repatriates and persons possessing residence permit; 2) All minors if they possess property that is subject to registration, more than 3 mln 400 thousand tenge on their bank accounts or any other income (if not paid from budget); 3) Foreigners (except for those released from declaration of income as per international agreements) if they possess property that is subject to registration as well as untaxed income; The first stage of declaring income will start in 2017 and will affet the employees of government-financed organizations (those who declare their income as per the current legislation), national companies and state-owned enterprises.

All other individuals will start declaring their income in 2020.