Suspension and Resumption of Expenditure Transactions on Bank Accounts: What's New?

Bank accounts of individual entrepreneurs and legal entities will not be closed if the tax debt is less than 17 thousand tenge. The innovations are aimed at supporting entrepreneurship. This was reported by the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan. Amendments have been made to the tax legislation (Article 118 of the Tax Code), according to which debit transactions on bank accounts in case of non-payment of tax arrears will be suspended only if the tax debt exceeds 6 MCI (17.5 thousand tenge in 2021) ... These changes are effective from July 1, 2021. In addition, in the event that the taxpayer pays off the amount of tax debt specified in the order of the tax authority on the suspension of debit transactions on bank accounts of the taxpayer, the bank has the right to independently resume debit transactions on bank accounts until the revocation of the order is received from the state revenue authority. The above changes will come into effect on January 1, 2022 due to the need to finalize the information systems of the State Revenue Office and second-tier banks. "Amendments and additions were adopted by the Law of the Republic of Kazakhstan dated June 24, 2021" On Amendments and Additions to the Code of the Republic of Kazakhstan "On Taxes and Other Mandatory Payments to the Budget" (Tax Code) and the Law of the Republic of Kazakhstan "On the Enactment of the Code of the Republic of Kazakhstan" On taxes and other obligatory payments to the budget "(Tax Code)" in the Code of the Republic of Kazakhstan "On taxes and other obligatory payments to the budget" (Tax Code) ", - added to the KGD.