Law No. 45-VIII of 12 December 2023 has been published in official sources, outlining several changes to tax laws. These measures generally take effect from 1 January 2024 unless otherwise specified. The key provisions are outlined as follows:
Effective from 1 January 2023, an amendment has been made to the deduction limit for costs incurred in acquiring specific services from non-resident related parties. This limit, set at 3% of taxable income, is now applicable only if the non-resident related party is registered in a jurisdiction with preferential taxation. This change is retroactive to 1 January 2023.
The requirement for active trading, introduced on 1 January 2023 for tax exemption on dividends paid on shares listed on the Kazakhstan stock exchange, has been eliminated with retrospective effect for resident taxpayers. However, the active trading requirement remains in place for non-residents.
The tax exemption for non-residents on dividends paid on shares listed on the Kazakhstan stock exchange has been expanded to include interest income, contingent upon meeting the active trading requirement.
Starting from 1 January 2030, the tax exemption on income from state securities has been repealed, affecting both residents and non-residents.
Several amendments have been made concerning digital assets, including the removal of a previously introduced restriction on deducting expenses related to the acquisition of digital assets sold outside the AIFC exchange. Additionally, a VAT exemption on turnover from the sale of digital assets has been introduced. The fee structure for digital mining of cryptocurrencies has been revised to a fixed rate of KZT 2 per KWh of electricity used, irrespective of average electricity prices. Furthermore, a fixed rate of KZT 1 per KWh of electricity used from renewable sources or non-unified power system units is now applicable.
New tax exemption time limits have been established for participants in special economic zones based on their project investment amounts, calculated monthly. Categories include:
Category A – Project investment up to 3 million MCI, with an exemption period of up to 7 years. Category B – Project investment ranging from 3 million MCI to 14.5 million MCI, with an exemption period of up to 15 years (a lower threshold of 1 million MCI for certain production sectors). Category C – Project investment exceeding 14.5 million MCI, with an exemption period of up to 25 years.
