The list of individual income tax benefits has been expanded

The Law of the Republic of Kazakhstan dated December 21, 2022 No. 165-VII ZRK amended the Tax Code on the calculation of individual income tax. The list of tax benefits for individual income tax has been expanded, and a new rule on taxation of value gains in the sale of digital assets has also been included. This was reported in the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan.

Are not considered as an individual's income:
- compensation payments to employees in cases when their work takes place on the road, has a traveling nature, is associated with official trips within the serviced areas within the norms established by collective, employment contracts and (or) an act of the employer (introduced retrospectively from 01.01.2018);
- the cost of the uniform issued to the employee, if the legislation establishes the obligation to wear it and provide it by the employer (introduced from 01.01.2023);
- the amount of remuneration of the person who reported the facts of violation of the use of a cash register and equipment (device) intended for accepting payments using payment cards, in case of confirmation of such a fact (introduced from 01.01.2023).

Income adjustment is made for the following income:
- income from value gains from the sale of shares of open and interval mutual investment funds (introduced from 01.01.2022);
- income in the form of subsidies from the budget to pay for rented housing in a private housing fund (introduced from 01.01.2022);
- compensation (premium) on deposits of individuals placed in the national currency (tenge) (valid from January 1, 2023 to January 1, 2025).

In order to determine property income:
- when selling parking spaces, income from the increase in value arises only if you are on the right of ownership for less than a year from the date of registration of the right of ownership (introduced from 01.01.2022);
- when real estate is sold, in the case of inheritance of rights by one of the spouses to this immovable property, a period of ownership by one of the spouses is provided. Now the date of registration will be the date of registration of the right of joint joint ownership of spouses to such property (introduced from 01.01.2023).
Starting from 01.01.2023, if there is an income from the increase in value from the sale of digital assets, then such income is subject to individual income tax. Previously, there was no such norm.