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 regionMinistry of Finance to receive information on Kazakhstan citizens' foreign accounts
Kazakhstan has joint the OECD Multilateral Agreement. It will allow to cease the outflow of capital from the country.
The Multilateral Agreement of the competent authorities on automated information exchange on financial accounts was signed by Chairman of the State Revenue Committee of the Ministry of Finance of Kazakhstan Ardak Tengebayev in June 26 of the present year in Astana, press service of the Committee reports.
The Multilateral Agreement is based on Article 6 of the Convention on mutual administrative aid in tax affairs that was ratified by the Law of the Republic of Kazakhstan of December 26, 2014 No.267-V 3RK (The Strasbourg Convention), and provides for the introduction of The Common Reporting Standard (CRS) on financial accounts," says the report.
The Common Reporting Standard is designed by OECD with the participation of the G-20 member states to resolve the reduction of tax amounts within the law and tax avoidance and in order to increase the observance level of tax rules.
According to the press service, after joining the Multilateral Agreement, an opportunity to receive information on the balance in an account (or accounts) in foreign currency of residents of the Republic of Kazakhstan at the end of calendar year on automated mode will appear.
In turn, the received information will allow to conduct qualitative administration of revenues of Kazakhstan citizens and will be an effective mechanism of eliminating the outflow of capital from the country.
It should be noted that Kazakhstan plans to accomplish the first automated information exchange in September 2020.
Source: BNews.kz
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The Honorary Consulate of Kazakhstan in Plovdiv has been open since December 15, 2023.
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