New tax privileges for exporters of raw materials

It is planned to simplify the refund of excess value added tax for exporters of raw materials. Exporters who have converted at least half of the foreign exchange earnings received from the export of raw materials into the national currency will be able to receive such privileges. This was reported in the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan.

For this purpose, a draft resolution of the Government of the Republic of Kazakhstan is being developed on approving the list of business entities that have converted at least 50 percent of the foreign exchange earnings received from the export of raw materials during the tax period.

An amendment has been made to Article 434 of the Tax Code regarding a simplified procedure for the refund of excess value added tax for business entities that have converted at least 50 percent of the foreign exchange earnings received from the export of raw materials during the tax period.

Exporters, in accordance with the conditions of paragraph 2 of Article 429 of the Tax Code, can return an amount of no more than 80 percent of the excess value added tax within 15 working days without conducting a tax audit.

The implementation of the Project will not require the allocation of funds from the republican budget.

The purpose of the implementation is to provide instruments that are more profitable than market conditions for investing funds in the national currency.