Kazakhstan to introduce differentiated rates of tax on real estate

Kazakhstan plans to introduce differentiated tax rates on real estate owned by individuals, KazTAG reports, citing the country’s Minister of Economic Affairs and Budget Planning Erbolat Dossayev as saying on the sidelines of a government sitting August 28. “We believe over 150 square meters of housing per person is a large piece of real estate (…) the minimum floor area would be 30-40 square meters per person (…) Taxes should be paid depending on the floor area of the real estate one owns. The bigger the asset is, the higher the tax is”, he said. He didn’t specify the tax rates, saying the details would be announced following the presentation of the draft law in the country’s Majilis (lower chamber). The country’s media reported earlier that Kazakhstan’s respective ministries seek to raise taxes on cars equipped with engines of 3-4 liters from the current 15 monthly calculation rates [$169] to 66 monthly calculation rates [$746] depending on the engine volume. July 26 the country’s Central Bank Governor Gregory Marchenko said the average salary in Kazakhstan stands at 105 000 Tenge ($686).