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Tax legislation of the Republic of Kazakhstan consists of the Tax Code and Normative Legal Acts, and is regulated by International Agreements. Tax legislation is based on the principles of the mandatory nature of payment of taxes and other mandatory payments to revenue, certainty and equity of taxation, unity of the tax system and publicity of tax legislation. The Tax
Code of the Republic of Kazakhstan establishes Kazakhstan taxes, levies, and general tax principles. A tax takes largest share of budget revenues
(Appendix A).

Companies formed in Kazakhstan under Kazakhstan law are taxed on world- wide income. Income earned by a foreign company or person through a permanent establishment in Kazakhstan is taxed in Kazakhstan. Branches of foreign entities are taxed on Kazakhstan source income (where services are performed, not where paid for). Income from a Kazakhstan source to a non- resident and not related to a permanent establishment, is taxed at the source of the payment, and further, on the total income without deductions, excluding labor that is taxed as personal income.

Double Tax Treaties In December 1996, a treaty on the Avoidance of
Double Taxation between the United States and Kazakhstan came into force. A number of treaties on the avoidance of double taxation were ratified in
1998. This includes agreements with the following countries: the Czech
Republic (November 1998), France (November 1998), Sweden (July 1998),
Bulgaria (July 1998), Turkmenistan (July 1998), Georgia (July 1998),
Republic of Korea (July 1998), Germany (November 1998), and Belgium
(November 1998).
Kazakhstan has double tax treaties with more than 20 countries, which generally follow the OECD Model Income Tax Convention.

|Withholding Tax Rates for Treaty Countries |
| |Dividends | |
| |Major |Legislati|Major |Interest|Royaltie|
|Country of Recipient |Rate |ve Rate |Holding| |s |
| |(%) |(%) | |(%) |(%) |
| | | |(%) | | |
|Azerbaijan |10 |15 |- |10 |10 |
|Belarus |15 |15 |- |10 |15 |
|Bulgaria |10 |15 |- |10 |10 |
|Canada |5 |15 |10 |10 |10 |
|Czech Republic |10 |15 |- |10 |10 |
|Germany |5 |15 |25 |10 | 10 |
|Hungary |5 |15 |25 |10 |10 |
|India |10 |15 |- |10 |10 |
|Iran |5 |15 |20 | 10 | 10 |
|Italy |5 |15 |10 | 10 | 10 |
|Kyrgyzstan |10 |15 | |10 |10 |
|Lithuania |5 |15 |25 |10 |10 |
|Mongolia | 10 |15 |- |10 | 10 |
|Netherlands | 5|15 |10 |10 | 10 |
|Pakistan | 12.5 |15 |10 | 12.5 |15 |
|Poland |10 |15 |20 |10 |10 |
|Russia |10 |15 |- |10 |10 |
|South Korea | 10 |15 |10 |10 | 10 |
|Sweden | 5|15 |10 |10 | 10 |
|Turkey |10 |15 |- |10 | 10 |
|Ukraine |5 |15 |25 |10 | 10 |
|United Kingdom |5 |15 |10 | 10 | 10 |
|United States |5 |15 |10 | 10 | 10 |
|Uzbekistan |10 |15 |- |10 | 10 |
|( Belgium |5 |15 |10 |10 | 10 |
|Georgia |15 |15 |- |10 | 10 |
|Iran |5 |15 |20 |10 | 10 |
|Mongolia |- |- |- |- | -|
|Rumania |10 |10 |- |10 | 10 |
|Turkmenistan |10 |15 |- |10 | 10 |
|France |5 |15 |10 |10 | 10 |
|Czech Republic |10 |15 |- |10 | 10 |
|South Korea |5 |15 |10 |10 | 10 |
|a. Source: Guide on Taxation and Investment in Kazakhstan in 2002, |
|Deloitte & Touche |
|Notes: |
|(double taxation treaties with 9 countries listed below are ratified |
|only by Kazakhstan. |

Tax payment is based on the calendar year, with annual declarations due by end March of the following year (and tax payment within ten days of declaration). Annual financial statements are due April 30 following the reporting year.

Kazakhstan Tax Code, enacted in April 1995, currently apple an international taxation model based on principles of equity, economic neutrality and simplicity. The Parliament approved amendments to the Tax
Code by a law dated July 16, 1999; the law was published and became effective August 3, 1999. Following amendments were made in 01 July 2001 and the New Tax Code has become effective January 1, 2002. The Ministry of
State Revenues issued tax instructions clarifying the determination and payment of taxes. Resident persons and local enterprises pay taxes on worldwide income; foreign enterprises and non-residents pay taxes only on income from local sources. One is a resident and tax-liable for both direct and indirect income in Kazakhstan if he/she has been physically present in
Kazakhstan for 183 days in any consecutive 12-month period.

The penalty for violation of foreign currency regulations constitutes
20 percent of the transaction amount. There are no limitations on the penalty amount to be charged.
All tax laws must be contained in the Tax Code, which covers taxation at all levels of government: central, oblast and local.

13 MAJOR TAXES and DUTIES

Enterprise Profits Tax is levied on legal entities at the rate of 30%, but 20% in SEZs, and 10% on direct use of land as a sole production asset.
All Kazakhstan and foreign legal entities doing business through a permanent establishment must register with the tax authorities regardless of whether they will pay taxes in Kazakhstan or not. Enterprise-related provisions in the Tax Code include: withholding on dividends and interest
(15%); taxes on royalties, rentals and service fees; excise and local taxes, and land (10%), property and vehicle taxes; business registration fees, and fees to engage in selected activities. Branches of foreign enterprises operating in Kazakhstan pay a "branch profits tax" applied to their after-tax income. Most business expenses are deductible, including wages, but there are limits on deductibility of reserves for bad debts
(actual losses deductible), and research and development. Depreciation is based on pooled asset accounts. Losses can be carried forward for three years.

Individual Income Tax: Individuals resident in Kazakhstan are subject to personal income taxation on their worldwide income. Nonresident individuals are subject to taxation only on income from Kazakhstan sources. Marginal rates after a small basic deduction, range from 5% to 30% with top rates applied to incomes over $33,700 per year. Most tax is withheld at the source of payment. The tax applies to non-residents' income that is sourced in Kazakhstan only, and to residents' income worldwide, including interest, dividends, capital gains and other income. Taxable income from a Kazakhstan source includes income received under a contract for work or from provision of services, when performed in Kazakhstan, regardless of where it is actually paid. Foreigners must register with local tax authorities and receive a Tax Registration Number within ten days of beginning work under contract in Kazakhstan, or when they become otherwise tax liable as a resident, or receive Kazakhstan sourced income at 500 times a monthly computed basis (about $4,500/year). Foreigners paid abroad must make quarterly estimated payments of income tax and a yearly income tax declaration (due March 31st following the tax year). Foreigners paid locally will have their individual income tax withheld at the source of payment and sent to the Budget by the employers.

Value Added Tax (VAT) applicable to all goods, work and services, including imports to Kazakhstan. The VAT on imports is usually 16%, and applies to services and goods. Credit for VAT paid on inputs, including
Capital investment, is offset against tax on sales. No VAT is paid on exports except to other CIS countries, where by agreement, exports are fully taxed and imports are not taxed (origin principle).
The article provides that sales of textile, sewing, leather processing, and shoe industry products will be zero-rated (0 percent VAT on sales) for residents of Kazakhstan for sales within Kazakhstan. This change represents an important stimulus for the domestic light industry development.

Natural Resources Taxes include: bonuses paid for the right to resource exploration, royalties paid for the privilege of exploitation and excess profits taxes paid when profits exceed amounts anticipated in setting royalties. Tax rates are set by the Cabinet of Ministers and differ among resources, and are unique to each location and taxpayer. Prohibited: special benefits including lock-in of profits tax rates at conclusion of a
Production Sharing Agreement (contract).

Securities Transaction Tax on new issues of non-government securities, including stocks and bonds: 0.5% of nominal value. Proceeds from secondary transactions are taxed at 0.3%, and 0.1% for government securities. Issuer is liable for tax on initial issues; buyer is liable for tax on secondary transactions.

Unified Land Tax is levied on peasants and farmers who use private or leased land in their business. The payers of the unified land tax are exempt from corporate income tax, VAT on sales, land tax, transport tax, and property tax. The rate of the unified land tax is set at 0.1 percent of the appraised land value (determined by the Land Committee).

Other Taxes: A fee for the use of the words "National," "Kazakhstan,"
"Republic," and their derivatives has been included into the list of taxes in the Tax Code, Business assets are taxed at 0.5% yearly, and individual- owned real estate is taxed at 0.1%. Vehicles are taxed annually depending on vehicle type and engine size.

Double Taxation. A foreigner won't be taxed in Kazakhstan if:

. he/she is present in the country for less than 183 days in a year and

. his/her income is paid by a non-resident of Kazakhstan and

. his/her income is not taken as a deduction in computing corporate income tax by a permanent establishment in Kazakhstan.
In not distinct cases, where the person is liable to taxation by law in his/her own country and in Kazakhstan, he/she is deemed to reside where he/he has a permanent home, or if he/she has a permanent home in both places, where his/her personal and economic relationships are centered, or in case this cannot be determined, where he/she currently lives and works
("habitual abode"). An individual may offset income tax paid in Kazakhstan against tax owing in his/her home country.

Additional Payments applicable to businesses

Pension Contributions: Employers must pay two categories of pension payment:
15% of payroll paid by companies monthly to the State Center for Pension
Payments to be spent on existing pensioners and on state pensions for current employees; ?
10% of employees' gross salaries, not affecting the net pay, transferred for each employee to an accumulation pension fund of that employee's choice.

Excise :Excise duty is imposed on taxable items produced in, or imported into, Kazakhstan as well as on certain types of activities.

Excise duty is imposed on alcohol and tobacco products, motor fuels, diesel, motor vehicles, salmon and sturgeon roe, firearms, crude oil and jewelry. Excise duty is also imposed on gambling businesses and lotteries.

Taxable Products

(1) Alcohol

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