Mobile transfers and payments: what is the difference
Currently, the topic of mobile transfers and payments is being actively discussed in the society. In this regard, the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan answered the most frequently asked questions of the population. To do this, it is necessary to correctly distinguish between fakes and facts.
TOP 5 fakes
Fake #1:
From December 1, 2021, all mobile transfers will be taxed.
Explanation: No, mobile transfers between individuals are not subject to taxation and verification. The changes introduced concern entrepreneurs who accept money as payment by mobile transfers that do not reflect legal turnover in declarations.
Fake #2:
If I receive money from my colleagues, from parental fees at school, birthday gifts, they will take taxes from me for this.
Explanation: No, mobile transfers between individuals are not taxed. At the same time, information on individuals is planned to be transferred to the State Revenue Authorities from 2025.
Also, one of the criteria for determining entrepreneurial activity is the receipt by one person of multiple transfers from 80-100 persons every month for three consecutive calendar months.
Fake # 3:
I am a sole proprietor, now I will have to pay taxes also for receipts on mobile payments. This is double taxation!
Explanation: No, there will be no double taxation, mobile payments are not a new type of taxes and do not carry an additional tax burden.
Sole proprietors need to reflect their legal turnover.
Moreover, there are tax holidays until 2023, where small businesses are exempt from paying taxes.
Fake # 4:
The tax authority will receive from the new year 2022 all information on all individuals.
Explanation: No, information on individuals is planned to be transferred by second-tier banks in accordance with the universal declaration from 2025.
Fake # 5:
Starting from the new year, I will need to keep records on mobile transfers and cash payments.
Explanation: No, when doing business, non-cash payments will be accepted through mobile payments (not through mobile transfers).
Thus, funds for mobile payments will be transferred to a special account of the entrepreneur.
It is necessary to reflect the turnover in the declaration according to the total turnover received in cash and non-cash ways.
TOP 5 facts
Question No. 1:
If I work and use cash registers for all the goods sold, what are the risks of the introduced norms?
Answer: This norm will not affect entrepreneurs who use cash registers and reflect legal turnover in any way.
Question No. 2:
Do I understand correctly that second-tier banks will conduct an analysis on potential "violators" and transmit information on such taxpayers to the state revenue authorities? Ordinary people who translate to their friends, relatives should not worry?
Answer: Yes, that's right, this norm will not affect individuals. Potential "violators" will be determined by the risk management system, one of the criteria of which is the definition of entrepreneurial activity by receiving multiple transfers from 80-100 persons by one person every month for three consecutive calendar months.
Question No. 3:
The changes being made concern only entrepreneurs, and from the new year there will be a new concept of "mobile payments", and this will not affect the common people who want to pay in any way convenient to them?
Answer: That's right, this norm applies only to entrepreneurs, this norm will not affect individuals.
Question No. 4:
Will the draft NPA according to the criteria be published officially? Will we be able to see the approved criteria for mobile transfers?
Answer: The established criteria will be placed officially in the "Open NPAs" for public discussion.
Question No. 5:
It turns out that entrepreneurs need to open a separate account for entrepreneurial activity from the new year to receive funds for mobile payments?
Answer: That's right, entrepreneurs need to have a separate business account when receiving funds for mobile payments.
At the same time, for an individual, no changes will follow when paying for goods.