PRESS RELEASE Draft Order of the Minister of Finance of the Republic of Kazakhstan «On Amendments and Additions to the Order of the Acting Minister of Finance of the Republic of Kazakhstan dated July 1, 2020 № 648 «On Approval of the Rules for Conducting a Pilot Project on Horizontal Monitoring»»

   

        The Draft Order of the Minister of Finance of the Republic of Kazakhstan «On Amendments and Additions to the Order of the Acting Minister of Finance of the Republic of Kazakhstan dated July 1, 2020 №648 «On Approval of the Rules for Conducting a Pilot Project on Horizontal Monitoring»» (hereinafter referred to as the Project) expands the list of participants in the Pilot Project to include large (non-monitoring) and medium-sized enterprises.

         The Project was developed in implementation of the directive from the President of the Republic of Kazakhstan dated September 1, 2023, to shift tax administration from a «punitive» approach to a «preventive» one. It provides for the exchange of information and documents between state revenue agencies and business entities, based on the principles of cooperation, reasonable trust, legality, transparency, and enhanced information interaction.

          The proposed innovations will allow:

          - Businesses to correct violations in advance without undergoing tax audits;
          -   The State to ensure early detection of violations and minimize the risk of budget losses.

          The draft order has been posted on the Internet portal of open regulatory legal acts (https://legalacts.egov.kz/npa/view?id=15096115).