ASTANA, Kazakhstan, April 9. Deputy Prime Minister, Minister of National Economy of Kazakhstan, Serik Zhumangarin, during a briefing in the Majilis (lower house of the Parliament of Kazakhstan) said that the new Tax Code will help to raise corporate income tax for banks to 25 percent, which could affect mortgage rates, Trend reports.
Moreover, he stated that mortgage loans will certainly become
more expensive.
“There will definitely be an increase. Banks will pass on these
costs to mortgages. The question is whether you will still choose
to take out a loan. This creates a dilemma: absorb the extra 5
percent into the cost or pass it on to consumers? The mortgage
market is flexible. We have good alternatives, like OTBasy Bank and
government mortgage programs. Consumers could move to a bank
offering a mortgage at 25 percent, but with 3 percent higher
rates,” Zhumangarin said.
Earlier, Kazakhstan’s Mazhilis deputies approved the draft of the new Tax Code in its first reading, with the requirement for further revisions before the second reading.
