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Tengrinews.kz - The State Revenue Committee of the Ministry of Finance responded regarding the adoption of additional criteria for monitoring mobile transfers. Earlier it was reported that mobile transfers in the amount of 255 thousand tenge and more are going to be taken under control in Kazakhstan.
Tengrinews.kz - The State Revenue Committee of the Ministry of Finance responded regarding the adoption of additional criteria for monitoring mobile transfers. Earlier it was reported that mobile transfers in the amount of 255 thousand tenge and more are going to be taken under control in Kazakhstan.
The State Revenue Committee explained why this amendment was necessary. They noted that entrepreneurs are required to register with tax authorities.
In accordance with the entrepreneurial code, individuals who have an annual income from private business, calculated in accordance with the tax legislation of the Republic of Kazakhstan, in an amount exceeding 12 times the minimum wage (MW), are subject to mandatory state registration as an individual entrepreneur. The MW is currently 85 thousand tenge.
"Thus, if an individual has an annual income of less than 12 times the minimum wage from private entrepreneurship, he has the right not to register as an individual entrepreneur. In this regard, the following version of the criterion is being considered: ‘Receipt by one individual of funds to a bank account from 100 or more different persons monthly for three consecutive months, the total amount of which exceeds 3 minimum wages.’ These proposals are at the stage of approval with the National Bank of the Republic of Kazakhstan," the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan reported in response to an official request from Tengrinews.kz.
The State Revenue Committee explained that monitoring mobile transfers is aimed at identifying hidden income and unregistered entrepreneurs since many entrepreneurs "receive payment for goods, work, and services into personal accounts not intended for entrepreneurial activity."
"According to paragraph 23 of Article 24 of the Tax Code, the criteria for classifying transactions carried out on bank accounts of individuals as transactions that have signs of receiving income from entrepreneurial activity, the procedure, form, and deadlines for submitting information are established by the authorized body in agreement with the National Bank of the Republic of Kazakhstan. In this regard, we inform you that if the proposals of the Ministry of Finance of the Republic of Kazakhstan are not supported, the changes will not be made," the State Revenue Committee reported.
In turn, the National Bank responded to the editorial board’s official request that mobile transfers themselves are not subject to control.
"The legislation does not impose restrictions on transfers between individuals that are not related to entrepreneurial activity. Such transfers are made without hindrance within the framework of the conditions of the servicing banks. At the same time, the definition of criteria for transactions related to entrepreneurial activity is an initiative of the Ministry of Finance of the Republic of Kazakhstan, which is being developed and a final decision on which has not been made," the National Bank said.
Earlier, the State Revenue Committee of the Ministry of Finance reported that mobile transfers in the amount of 255 thousand tenge and more are going to be taken under control in Kazakhstan. At the same time, the committee noted that the criteria for verification may be changed. The amendment is being approved by the National Bank.
"The following changes are being considered: Receipt by one individual to a bank account from 100 or more different individuals monthly for three consecutive months of transfers, the total amount of which exceeds 3 minimum wages (in the amount of 255 thousand tenge in 2024)," the State Revenue Committee reported earlier.
Read also: Received a transfer of 300 thousand tenge - should you expect an inspection?
