The withdrawal of capital is being countered within the framework of tax administration

The results of tax control measures within the framework of countering capital outflow from the country show that taxes were additionally accrued in the amount of 17.7 billion tenge by the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan.
The Multilateral Competent Authority Agreement on the automatic exchange of information on financial accounts (Common Reporting Standard) has helped to collect 3 billion KZT from 578 individuals to the budget.
A joint project of the Organization for Economic Cooperation and Development (OECD) – Base erosion and profit shifting (BEPS) – and action plan for the implementation of global tax rules to counteract base erosion and the withdrawal of profits from taxation -the (G20)- require from Kazakhstan taking measures in these fields as their member.
For example, a Multilateral Convention was ratified by Kazakhstan in 2020, as well as the Convention on Mutual Administrative Assistance in Tax Matters (Strasbourg Convention) has been signed.
The aim of these agreements is the improvement of the effectiveness of tax information exchange practices. The possibility of automatic exchange of tax information is provided by the Strasbourg Convention in addition to written requests.
The international agreement has been signed by 147 countries, including 43 offshore jurisdictions.
In 2023, Kazakhstan joined an Agreement with the US Government on the improvement of International Tax Discipline (FATCA) on the exchange of data on financial accounts of Kazakhstani residents concerning account balances, interest amounts, and dividends paid starting from 2014.
Simultaneously, they made amendments to the Tax Code regarding the abolition of dividend benefits, restrictions on deductions for intangible services provided by interconnected non-residents (no more than 3%), recognition of individuals as tax agents paying income to non-residents, as well as other changes in the frames of the work to counter capital withdrawal.
They have also adopted amendments to the transfer legislation, such as the improved methods for determining market prices, implemented mechanisms for determining the market range, expansion of the definition of the interconnectedness of the parties, and the return of the control over transactions issued on Kazakhstani commodity exchanges.
The State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan has been one of the currency control bodies since January 1, 2024.
The work aimed at prevention of the illegal export of cash and gold bars is being carried out on an ongoing basis by the Decree of the President of the Republic of Kazakhstan dated March 14, 2022 №830 “On measures to ensure the financial stability of the Republic of Kazakhstan”.

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