Income in the form of savings on loan remuneration

Department of State Revenue in Almaty region on the basis of the letter of the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan dated 22.10.2021, no. KGD-07-1-9/ ZHT-Zh-2727, reports the following.

According to paragraph 1 of Article 238 of the Tax Code, unless otherwise established by the Tax Code, the value of any property, including works and services received by a taxpayer free of charge, is his income.

Paragraph 3 of Article 238 of the Tax Code provides that for the purposes of determining the amount of income in the form of gratuitously received property, the value of gratuitously received property, including works and services, is determined according to accounting data in accordance with international financial reporting standards and (or) the requirements of the legislation of the Republic of Kazakhstan on accounting and financial reporting, but not lower than the value specified in the act of acceptance and transfer (if any) of such property, taking into account value added tax, specified in the documents of the transmitting party.

Thus, income in the form of savings on loan remuneration is subject to inclusion in the taxpayer's total annual income in the form of income from gratuitously received property.

The amount of such income is determined according to accounting data in accordance with IFRS and the requirements of the legislation of the Republic of Kazakhstan on accounting and financial reporting.