07.08.2008, 19:14 2676

Kazakhstan government suggests increasing taxes on luxury property of physical entities

Kazakhstan government suggests increasing taxes on luxury property of physical persons. The Minister of Economics and Budgetary Planning, Bahyt Sultanov, said during round table - Main directions of reforming taxation, the agency reports.

Astana. August 7. Kazakhstan Today - Kazakhstan government suggests increasing taxes on luxury property of physical persons. The Minister of Economics and Budgetary Planning, Bahyt Sultanov, said during round table - Main directions of reforming taxation, the agency reports.

"Procedure of assessment of real estate will be defined in the Tax Code and the rates on luxury property will be increased from 0.5 up to 1 % beginning with the cost of more than 30 million KZT," B. Sultanov noted.

As he said, these amendments will allow to assess luxury real estate more adequately.

The project of the new Tax Code also introduces amendments to the order of collection of property tax. It has been suggested reducing object of taxation of the property - to the real estate, thus, the rate has been suggested to be increased from 1% up to 2 %.

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