How to pay tax on early use of pension savings
Withholding of the IIT amount is made by the United Accumulative Pension Fund JSC (UAPF) on the basis of an application for withholding the IIT in one of two ways at the choice of an individual:
1) as a lump sum - when transferring to an authorized operator;
2) monthly in equal installments for no more than 16 years according to the schedule established by the UAPF (from the month following the one in which the pension transfer began).
Examples:
- the amount of pension savings on the depositor's IRS = 8,500,000 tenge;
- sufficiency threshold = 3 500 000 tenge;
- one-time pension payment = 5,000,000 tenge (8,500,000 minus 3,500,000).
1 way to withhold the IIT
- the amount of the calculated IIT = 5,000,000 (in full) * 10% = 500,000 tenge;
- IIT amount to be withheld and transferred to the budget = 500,000 tenge;
- the amount of income in the form of a one-time pension payment = 4,500,000 tenge (5,000,000 minus 500,000).
2 way to withhold the IIT
- the amount of the calculated IIT = 5,000,000 (in full) * 10% = 500,000 tenge;
- the amount of income in the form of a one-time pension payment = 5,000,000 tenge.
- IIT will be withheld from pension.
When choosing the second method of withholding the IIT (with a deferral when transferring a pension), separate provisions have been established for withholding the IIT in cases that occurred after receiving the deferral:
- when leaving for permanent residence outside the Republic of Kazakhstan - as a lump sum from the amount of the pension payment;
- when transferring the amounts of pension savings to insurance organizations - as a lump sum from the amount of the pension payment;
- in case of death - as a lump sum with the pension savings inherited by the heirs.
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