Kazakhstan turns to high-value added manufacturing with building polyethylene plant it Atyrau region
Kazakhstan turns to high-value added manufacturing with building polyethylene plant it Atyrau regionMajilis approved bill on introduction addition into Tax Code
Today at the plenary session Majilis deputies in the second reading approved the bill on introduction of addition into the Code of the Republic of Kazakhstan On Taxes and other obligatory payments to the budget (Tax Code), concerning tax exemption on added cost of realization of residential building and (or) rent of such building," the agency reports.
Astana. February 13. Kazakhstan Today - Today at the plenary session Majilis deputies in the second reading approved the bill on introduction of addition into the Code of the Republic of Kazakhstan On Taxes and other obligatory payments to the budget (Tax Code), concerning tax exemption on added cost of realization of residential building and (or) rent of such building," the agency reports.
As it was informed earlier, the bill has been developed with the view of elimination of the situation which developed with application of the norms of the clause 226 of the Tax Code.
According to the one of the developers of the bill, Majilis deputy Victor Tsoy, since January 1, 2007 amendments to the Tax Code, providing exemption of VAT on realization and rent of a residential building took effect. However, according to the given norm of the Tax Code, exemption of VAT did not extend on realization or rent of a part of a residential building.
As a result of different interpretation of the norm of the clause of the code, construction organizations of Kazakhstan that were imposed fine and VAT since January 1, 2007 at the rate of 50 % have been negatively affected.
The introduced amendments eliminate the above-mentioned legal collision arisen in the Tax Code.
The bill has been forwarded to the Senate.
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The article is being updated
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Images | primeminister.kz
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