ASTANA, Kazakhstan, April 9. Kazakhstan's proposed value-added tax (VAT) threshold would be set at 40 million tenge ($76,000) and the VAT rate at 16 percent, said Serik Zhumangarin, the Deputy Prime Minister and Minister of National Economy, during a meeting of the Majilis (lower house of parliament) of Kazakhstan, Trend reports.
Zhumangarin explained that the 40 million tenge ($76,000)
threshold represents a compromise between the deputies and the
Government.
"However, as a result, we are losing 160,000 potential new
taxpayers and missing out on around 400 billion tenge ($760
million) in VAT revenue for the budget. I mention this so that our
business community understands that both Parliament and the
Government are willing to accept such a compromise," Zhumangarin
stated.
Earlier, the Government had proposed reducing the VAT threshold to
15 million tenge ($28,500).
