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Kazakhstan to start legalization of property and capitals in September

16 may 2014, 01:36
0
Photo © tengrinews.kz
Photo © tengrinews.kz

The government of Kazakhstan has announced the date when it is going to start the legalization of property and capital, Tengrinews reports referring to the Minister of Finance Bakhyt Sultanov.

The government approved a draft law on Amnesty of Kazakhstan citizens, oralmans (repatriated ethnic Kazakhs) and permanent residence holders in relation to legalization of their property and introduced changes into a number of related legislative acts on May 13.

“In the draft we set the start of the legalization to September 1, 2014 and finish to December 31, 2015. The legalized amount of money and property will then become the reference point for incomes reporting when we introduce it on January 1, 2017 for government workers and on January 1, 2018 for all the citizens of Kazakhstan, ” Sultanov said at the press-briefing following the government meeting.

According to the legislative draft, money, securities, equity stakes and real estate located outside Kazakhstan are subject to the legalization. Property obtained through criminal practices including offence against a person, breach of constitutional or any other human rights, undermining of foundations of the constitutional law and national security, crime against the government and corruption cannot be legitimized.

“Legalized money will be placed on specialized savings accounts in second-tier banks. Later the citizens will be able to choose the means of legalization themselves. But if a citizen legalizing money chooses to abstain from use the offered financial instruments (including various kinds of government securities) he or she will have a right to use the money in their own discretion. In this case the second-tier banks will deduct a legalization fee in the amount of 10% of the legalized capital,” Sultanov added.

According to the Minister, the legitimization would provide an influx of several billion dollars into the banking sector of Kazakhstan. “We are expecting a large amount, around $10-12 billion,” the Minister said.

President Nazarbayev earlier instructed the government to prepare the amnesty draft bill by July 1st. “This measure will be the first step towards introduction of incomes and expenses reporting for all the citizens of Kazakhstan. It will help us in the fight against the shadow economy and bring us closer to the economies of developed countries in terms of transparency. Shadow economy is a major enemy of sustainable economic development,” the President said.

Reporting by Altynai Zhumzhumina, writing by Gyuzel Kamalova, editing by Tatyana Kuzmina


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