Question: When calculating individual income tax on income received in a foreign currency, what exchange rate should be used for conversion into tenge?
Answer: In accordance with paragraph 3 of Article 405 of the Tax Code, income subject to independent taxation by an individual, which is to be received (received) in a foreign currency, is converted into the national currency of the Republic of Kazakhstan using the arithmetic average official exchange rate for the calendar year in which the income was received.
At the same time, according to subclause 3) of Article 21 of the Tax Code, the official exchange rate is the official exchange rate of the national currency of the Republic of Kazakhstan against foreign currencies established by the National Bank in accordance with the Law of the Republic of Kazakhstan "On the National Bank of the Republic of Kazakhstan".