The Mazhilis approved an agreement with the United States, according to which information on the accounts of Kazakhstani persons in US banks will be available to government agencies

Today, during the plenary session of the Mazhilis of the Parliament of the Republic of Kazakhstan, the deputies adopted the draft law "On ratification of the Agreement between the Government of the Republic of Kazakhstan and the Government of the United States of America on the improvement of international tax discipline."

According to Minister of National Economy Alibek Kuantyrov, according to the bill, all foreign financial institutions that have international business transactions with US financial institutions will be required to provide information on the accounts of US taxpayers.

The bill affects the activities of financial institutions, including credit institutions, insurance, brokerage and other similar companies.

“In case of not joining this regime, 30% of the transfer amount can be withheld from international bank transfers if the recipient of the payment is a taxable person in the United States, and the transferred funds are income associated with investments in the United States,” A. Kuantyrov said.

Financial institutions that have acceded to the Agreement will be required to identify and disclose information about all US individuals and legal entities that have opened accounts in Kazakhstan. Similarly, Kazakhstan's accession to the Agreement will provide information on all Kazakh individuals and legal entities that have opened accounts in the United States. Thus, the interaction between the countries on this issue will have a positive impact on the budget of Kazakhstan.

In conclusion, the minister noted that in accordance with the Agreement, Kazakhstan has chosen a model that provides for a centralized collection of information as the most optimal, since the implementation of this model will allow maintaining control over the financial system, receiving similar information about citizens and residents of Kazakhstan from the United States, and reducing administrative costs financial institutions of the Republic of Kazakhstan, as well as reduce the risks for the financial sector associated with the requirements of the Agreement.