To protect the interests of bona fide business entities and improve the provision of one of the important government services “VAT refund”, a pilot project is being implemented using digital tenge.
The digital tenge is not only a new form of national currency in addition to cash and non-cash ones, but also an effective tool for controlling financial flows.
A distinctive feature of this form of national currency is the possibility of its marking and programming of the intended purpose without the possibility of deviation.
The pilot participants are the State Revenue Committee, the Treasury Committee, the National Bank, the National Payment Corporation and second-tier banks, in particular Halyk Bank and BankCenterCredit.
For taxpayers, the Pilot is provided on a voluntary basis, and as of today, 3 exporters have expressed their willingness to participate.
The main incentive for them is to reduce the time frame for VAT refunds to 15 working days (instead of 55/75 days).
Thus, this creates demand for the purchase of digital tenge, and for state revenue authorities, through marking and programming, transparency in mutual settlements with counterparties and the budget.
As part of the “Digital VAT” pilot project, it is planned to program digital tenge for VAT on accounts in second-tier banks for settlements with suppliers solely on the basis of electronic invoices or with a budget.
Thus, the programmed part of digital money in terms of VAT cannot be used for another purpose of payment.
Such “labeling” will ensure transparency of VAT calculations and allow state revenue authorities to carry out accelerated VAT refunds (15 working days) without conducting tax audits.
o date, a joint order has been signed by the Minister of Finance of the Republic of Kazakhstan and the Minister of Digital Development, Innovation and Aerospace Industry of the Republic of Kazakhstan “On approval of the Rules and deadlines for the implementation of the pilot project.”
The state revenue authorities carried out explanatory work with the participants of the pilot about the conditions for its implementation, and the National Bank - with second-tier banks.
Taking into account the understanding and agreement of all parties, it is proposed to implement the pilot from September 2024 to December 31, 2025.