Amendments have been made to paragraph 2 of Article 434 of the Tax Code (came into force on January 1, 2022). In order to encourage exporters to sell foreign exchange earnings on the territory of the Republic of Kazakhstan, an addition has been made providing for a simplified refund in the amount of not more than 80 percent of the excess VAT amount to business entities that have converted at least 50 percent of foreign exchange earnings received from the export of raw materials for the tax period. The Ministry of Finance of the Republic of Kazakhstan, in agreement with the Ministry of National Economy of the Republic of Kazakhstan, is developing a draft resolution of the Government of the Republic of Kazakhstan to implement this norm, which will determine the list of 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. Also, the Ministry, in agreement with the National Bank of the Republic of Kazakhstan, is developing an order to approve the procedure and form for submitting an opinion to the tax authorities on the conversion of foreign exchange earnings.
State Revenue Department for Beimbet Mailin District