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Kazakhstan will not be removing the ban on deductions for business-to-business (B2B) transactions, according to Deputy Prime Minister and Minister of National Economy Serik Zhumangarin. This decision comes as the country observes a significant increase in tax revenues.

Understanding the Tax Code Changes

Under the new Tax Code, businesses operating under the general tax regime are restricted from deducting expenses incurred from purchasing goods and services from entrepreneurs using a simplified tax regime. While this change could increase costs for small businesses, the government sees no immediate need to alter the policy.

Rationale Behind Maintaining Current Tax Policies

Serik Zhumangarin explained that the current tax collection is performing exceptionally well. "We are observing that tax revenues are very successful right now," he stated. "Based on the results of two months, VAT increased by 20%, and overall taxes by 14%. We collected 620-660 billion tenge more compared to last year."

He further elaborated that the period for businesses to choose their tax regime has concluded. Approximately 1.2 million individuals opted for the simplified tax regime, while over 800,000 are working under the general regime. The number of VAT payers is also on the rise.

"Tell me, why should we change anything?" Zhumangarin questioned, highlighting the positive trends in tax collection and the growing number of VAT payers as reasons to maintain the status quo.

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