The Kazakhstani Ministry of Finance advises not to hide the property when filling in the declaration for the first time, as informed by Mr. Dalenov. Source: Novosty Kazakhstan International Information Agency

The submission of the declaration will be divided into the two stages. Stage 1-introduction to the declaration system: to start the declaration the individual has to fix his/he start, which shall be started with the submission of the declaration on assets. He has to declare the number of assets he /she has и and then he/she annually has to declare the purchases and income, in order one could then analyze the coincidence.   The declaration of assets is the initial stage. “Roughly says the more the taxpayer writes there the better it is for him”, Dalenov said.   

Stage 2 – annual submission of the declaration on income, where all the income sources and large purchases are shown. 

Vice-minister clarified that the more property is put into the initial declaration, the less questions will arise to the taxpayer in the future when performing large transactions. 

If you buy Lamborghini (an expensive brand of automobile) and specify that you have the property and before the purchase of the automobile the property has been sold, the inspector can just compare the price and nobody will disturb you. 

One suggested stage by stage introducing of the overall declaration in Kazakhstan, during the period from 2015 to 2017. In 2015, the declaration on assets and liabilities of officials, employees of the national companies, state organizations and state enterprises is planned to be submitted. In 2016, the declaration on assets and liabilities of other individuals is planned to be submitted. Finally, in 2017 the completed change-over to the submission of the declaration on income and property by all individuals is planned to be performed. 

In connection with this the Ministry of Finances has elaborated the bill “On Introduction of amendments to certain legislative acts of the RoK on issues of declaration of income and property of citizens of Kazakhstan and individuals without a residence permit.”

Source: Novosty Kazakhstan International Information Agency

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