Source of covering expenses when purchasing asset worth over T74 million will have to be disclosed

Astana. January 10. KazTAG – Kazakhstani people who purchased an asset worth over T74 million will have to disclose the information about the sources of covering expenses in any case, reports the State Revenue Committee of the Ministry of Finance.
"If, in the future (after exemption from income declaration - KazTAG) individuals acquire property worth over 20,000 MCI (T74 million), information about the sources of covering expenses must be disclosed," reads the report.
According to the report, about 8 million people: employees of private structures, pensioners, housewives, students and other Kazakhstani people are proposed to be exempted from submitting declarations of assets and liabilities, except for individuals who have assets outside the country. This is also facilitated by the digitalization of government databases, 86% of cashless payments, automated tax control, exchange of data on financial accounts under international agreements and the wide availability of digital services. The exemption will affect more than 90% of individuals in this category.

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