ASTANA, Kazakhstan, December 19. Moody’s
Ratings anticipates that Kazakhstan’s new tax code, scheduled to
take effect on January 1, 2026, will reduce the nation’s dependence
on transfers from the National Fund, thereby enhancing fiscal
sustainability, Trend
reports via Moody’s.
The new tax code will introduce a progressive income tax system,
alongside increases in corporate tax and VAT rates, in a bid to
expand the tax base.
In addition, Moody’s notes that a forthcoming banking law will
modernize Kazakhstan's financial sector by delineating the
respective oversight roles of the National Bank and the financial
market regulator. This reform aims to foster innovation and enhance
governance within the sector.
The revised tax code is expected to streamline reporting
processes, reducing the volume of paperwork by 30% and the number
of taxes by 20%. It will also simplify tax incentives and
collections, eliminate the unified land tax, and reduce the number
of tax rates for certain payments. These adjustments will impact
key areas of taxation, including corporate and individual income
taxes, investment incentives, and the overall redistribution of the
tax burden.
Meanwhile, President Tokayev has instructed the Parliament to
adopt a new law on Banks and Banking Activities by the end of the
year. The law, developed by the Agency for Regulation and
Development of the Financial Market, seeks to ensure the stability
and sustainability of Kazakhstan's banking system through improved
regulation and supervision. It aims to strengthen the resilience of
the banking sector, promote innovation, and enhance the role of
banks in financing the real economy.
