31 December 2024 | 08:32

Transfers exceeding 255,000 tenge will be monitored in Kazakhstan

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Tengrinews.kz - The State Revenue Committee (SRC) of the Ministry of Finance has provided more details about the initiative to introduce limits on mobile transfers.

How mobile transfer checks work now

Currently, banks are required to report to tax authorities if a Kazakhstani citizen receives more than 100 transfers from different individuals over three consecutive months. Under the current regulations, this is considered grounds to suspect that the person may be engaged in illegal entrepreneurial activities by receiving payments for goods or services.

What will change?

SRC notes that the criteria for checks may now be updated. The amendment is under review by the National Bank.

"The following changes are being considered: 'Receiving more than 100 transfers from different individuals to a bank account over three consecutive months, with the total amount exceeding 3 minimum wages (255,000 tenge in 2024),'" SRC stated.

Thus, once the new rules come into effect, mobile transfer checks for individuals will only occur if the number of transfers exceeds 100 over three consecutive months and the total amount received exceeds 255,000 tenge.

When and for whom will mobile transfer checks be introduced?

Second-tier banks are required to report information on individuals whose transactions suggest income from entrepreneurial activities.

Banks must record operations and provide data to the state revenue authorities if they meet established criteria. The information is being provided in phases:

From 2023: Data on public officials, individuals equated to them, and their spouses.
From 2024: Data on employees of government institutions, quasi-public sector entities, and their spouses.
From 2025: Data on individual entrepreneurs, heads of legal entities, and their spouses.
From 2026: Data on the rest of the population.

Penalties for unregistered entrepreneurial activities

Under the law, individuals engaged in entrepreneurial activities without proper registration will face penalties: a fine of 15 monthly calculation indices (MCI) (55,380 tenge in 2024) for the first offense, a fine of 30 MCI (110,760 tenge) for a repeat violation within a year.

"Hiding taxable items results in a fine of 200 percent of the taxes due. Repeated violations will incur a fine of 300 percent of the taxes due," SRC added.

For failure to issue a receipt, a warning is issued for the first offense. A repeat violation within a year results in a fine ranging from 30 to 40 MCI (110,760 - 147,680 tenge).

The number of entrepreneurs in Kazakhstan evading taxes through mobile transfers is currently unknown. SRC noted that this information will be obtained from banks in 2025.

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