Asset and income declaration of an individual Printable versionLast update: 01.06.2023
Since January 1, 2023, asset and income declaration has been submitted by individuals who entered the first stage of nationwide declaring in 2021 and submitted an assets and liabilities declaration earlier. These include civil servants, persons equated to them, major participants in the banking/insurance and securities markets, as well as the spouses of all the listed persons.
At the second stage, declaring was introduced for employees of state institutions and their spouses, as well as employees of quasi-public sector entities and their spouses from January 1, 2023.
Thus, employees of state institutions and their spouses, employees of the quasi-public sector and their spouses who have entered the nationwide declaration system since January 1, 2023 by submitting an assets and liabilities declaration (form 250.00) in 2023, submit an asset and income declaration (form 270.00) in 2024.
At the third stage, declaring will be introduced for the heads and founders of legal entities and their spouses, individual entrepreneurs and their spouses from January 1, 2024.
At the fourth stage, declaring will be introduced for the remaining categories of citizens from January 1, 2025.
What is declaration?
It is an income statement of an individual subject to taxation which is used to determine the completeness and reliability of the information indicated in the tax returns of an individual, as well as according to the data of authorized bodies and third parties entailing the occurrence of a tax liability for individual income tax.
In the declaration, individuals indicate the following information:
- income received during a calendar year, including outside the Republic of Kazakhstan.
- tax deductions;
- acquisition and (or) alienation, and (or) receipt free-of-charge property subject to state or other registration, as well as property for which rights and (or) transactions are subject to state or other registration, including outside the Republic of Kazakhstan;
- requirement to offset and refund the amount of excess for individual income tax, including in case of application of tax deduction defined by Article 351 of the Tax Code, indicating the consent of an individual to submit information by banking institutions on the expenses of an individual to repay interest on mortgage housing loans received for the purchase of housing in the Republic of Kazakhstan;
- money on bank accounts in foreign banks located outside the Republic of Kazakhstan, in an amount collectively exceeding a thousand-fold MCI established by the law on the republican budget and effective as of December 31 of the reporting tax period;
- property owned by an individual as of December 31 of the reporting tax period:
- immovable property that is subject to state or other registration (accounting) or rights and (or) transactions for which are subject to state or other registration (accounting) in the competent authority of a foreign state in accordance with the legislation of a foreign state;
- securities whose issuers are registered outside the Republic of Kazakhstan;
- share of participation in the authorized capital of a legal entity registered outside the Republic of Kazakhstan.
Declaration submission options
In paper: personal visit to the state revenue authorities, CSC.
By mail: with a notification in paper, a taxpayer receives a notification from a postal or other communication organization.
Declaration submission terms:
- until July 15: in paper;
- until September 15: online.
Consequences of unreliable or untimely submission of declaration
If the initial tax return is not submitted on time, the tax authorities will make a warning first (Clause 1 of Article 272 of the Code of Administrative Violations of the Republic of Kazakhstan).
In case of repeated violation by an individual within a year after the warning is issued, a fine of 15 MCI will be imposed (Clause 2 of Article 272 of the Code of Administrative Violations of the Republic of Kazakhstan).
If the declaration contains incomplete, unreliable information that does not entail the accrual of taxes and other mandatory payments to the budget, the tax authorities will also issue a warning (Clause 2-1 of Article 272 of the Code of Administrative Violations of the Republic of Kazakhstan).
An action committed repeatedly within a year, after the imposition of an administrative penalty, will entail a fine of three MCI (Clause 2-2 of Article 272 of the Code of Administrative Violations of the Republic of Kazakhstan).
In case of concealment of taxable objects entailing the accrual of taxes, a fine of two hundred percent of the amount of taxes payable on the hidden object of taxation is imposed (Clause 1 of Article 275 of the Code of Administrative Violations of the Republic of Kazakhstan) and in the amount of three hundred percent if such a violation is repeated (Clause 2 of Article 275 of the Code of Administrative Violations of the Republic of Kazakhstan).
This measure will be effective if individuals have not fulfilled their tax obligations after receiving a notification and a tax audit has been carried out. In case if an individual addressed the violations, fines are not imposed.
Source: "Adilet" DRS