PRESS RELEASE

New tax privileges for exporters of raw materials

It is planned to simplify the return of excess VAT for exporters of raw materials. Such privileges will be able to get exporters who converted at least half of the foreign exchange earnings received from the export of raw materials into the national currency. 

For this purpose, a draft resolution of the Government of the Republic of Kazakhstan is being developed on approving the list of business entities that have converted at least 50 percent of the foreign exchange earnings received from the export of raw materials during the tax period.

Article 434 of the Tax Code was amended by the simplified procedure for the return of excess value added tax for business entities that have converted at least 50 percent of the foreign exchange earnings received from the export of raw materials for the tax period.

Exporters, according to the conditions of paragraph 2 of Article 429 of the Tax Code, can return an amount of no more than 80 percent of the amount of excess value added tax without a tax audit within 15 working days.

The implementation of the Project won't require financial expenditures  from the republican budget.

The purpose of its implementation is to provide instruments more profitable for investing funds in the national currency than market conditions.