Exceeding the value-added tax, assigned to credit, over the amount of accrued taxes in the tax period

Exceeding the value-added tax, assigned to credit, over the amount of accrued taxes in the tax period

Exceeding the value-added tax, assigned to credit, over the amount of accrued taxes in the tax period

 

  1. In accordance with Article 429 of the Tax Code of the Republic of Kazakhstan, exceeding the value-added tax, assigned to credit, over the amount of accrued taxes, that has accumulated according to the declaration as a cumulative sum at the end of the reporting tax period will be credited to upcoming value-added tax payments.
  2. Exceeding the value-added tax at the end of the tax period, in which proceeds from the sale have been made, taxed at zero interest rate, is supposed to be returned on purchased goods, works and services, used for taxable turnover from the sale if conditions are simultaneously fulfilled:

1) the value-added tax payer constantly pursues goods, works, services taxed at a zero interest rate;

2) the proceeds from the sale taxed at zero interest rate, for the tax period in which the constant realization of the goods, works, services was carried out, is at least 70 percent of the total taxable proceeds from the sale.

  1. In case of non-carrying out of the conditions, exceeding the value-added tax is subject to refund in part of the amount of tax attributed to the credit for goods (works, services) used for the proceeds from the sale taxed at zero interest rate.

 The procedure and deadlines for a refund of exceeding the value-added tax:

  1. In accordance with Article 431 of the Tax Code, the refund of exceeding the value-added tax is carried out:

1) in accordance with the procedure and within the time frame laid down by the article.

2) on the basis of  its claim for refund of exceeding the value-added tax specified in the value-added tax declaration for the tax period.

  1. Return the amount of excess value-added tax, confirmed by the results of the inspection shall be made to the taxpayer in the following terms:

carrying out the proceeds from the sale taxed at zero interest rate, which amount is at least 70 percent of the total proceeds from the sale for the tax period for which the claim for the refund of the excess amount of value-added tax is made, - within fifty-five working days;

in other cases - within hundred and fifty calendar days.