Kazakhstan to introduce single payment from wage fund

21.09.2022, 14:23

Kazakhstan intends to introduce a single payment from the wage fund. This measure will affect only micro and small businesses, the country’s Minister of National Economy Alibek Kuantyrov announced in the Mazhilis, presenting new amendments to the tax code. According to the minister, at present, several payments are made from the fund with different rates and calculation bases. Now it is proposed to combine them into one payment. That is, the single rate will take into account the introduction of mandatory pension contributions and the social payments increase, Kuantyrov noted.

“The draft law has been developed in accordance with the Government's Plan of Legislative Work and in implementation of the instructions of the Head of State. Such payment will be used on a voluntary basis by micro- and small businesses with special tax regimes. The amount will be distributed in the same way as the single aggregate payment mechanism. Thus, a single payment will not only simplify the calculation of taxes and payroll payments, but also reduce the tax burden,” said Kuantyrov.

The Mazhilis Members approved the bill on first reading. According to it, the single rate will be introduced from January 1 next year and it will amount to 21.5 percent. The rate will increase to 26.3 percent by 2027.