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Legalization law adopted in Kazakhstan

19 june 2014, 18:38
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Photo courtesy of lenta-ua.net
Photo courtesy of lenta-ua.net

Today, the Kazakhstan Parliament has adopted the law "On amnesty of citizens of the Republic of Kazakhstan, repatriates and persons holding a residence permit in the Republic of Kazakhstan due to legalization of their property", Tengrinews correspondent reports. The law will help cut the shadow economy, attract additional funding and increase a flow of investments into the country. 

"We have calculated and evaluated everything. The expected inflow of money and property is 2.2 trillion tenge, or $12 billion,” Vice-Prime-Minister and Minister of Finance Bakhyt Sultanov said. "We need to raise the awareness about the legalization. If it is done correctly, I think we will get the amount expected." 

Those willing to legalize property will need to file an application for property legalization to the tax authorities dealing with the appropriate type of property (other than money). A special commission in the authority will have up to 30 days to review the application. A fee of 10 percent [of the cost of the property] will have to be paid to legalize the property located outside of Kazakhstan.

Legalization of money will be conducted through commercial banks or the national mail operator KazPost, by means of opening special savings accounts. The money subject to legalization will be transferred and kept on the savings accounts for a least 60 days. The person legalizing the money has a right to invest the money from this account into Kazakhstan's economy by purchasing assets and securities without having to wait for 60 days. But when the money is withdrawn or transferred to another account, a 10 percent legalization fee shall be withheld.

The legalization will be taking place from 1 September 2014 until 31 December 2015. Money, securities, stakes, real estate can be legalized as part of the campaign.

But no property received as a result of offenses against a person or property is eligible for the legalization. Moreover, legalization is not applicable in cases when the rights to the property are being challenged in court. Neither it is applicable to cases when the money was obtained via a loan.

Writing by Dinara Urazova, editing by Tatyana Kuzmina


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