Nazarbayev signs bill raising taxes

Kazakhstan's President Nursulatn Nazarbayev. ©Marat Abilov

Nursultan Nazarbayev, President of Kazakhstan, has signed the bill raising taxes, Tengrinews reports citing the official website of the President. Senator Kuanysh Sultanov earlier said that the bill amending the Tax Law of Kazakhstan would actually affect only wealthy Kazakhstan residents, but not the middle class. "The bill doesn't cover middle-class residential real estate. Only expensive luxury houses and buildings will be covered by the new taxation rates. Middle class transport is not going to be affected by the law either. But those citizens who buy expensive cars will pay higher taxes starting from January 1, 2014. The changes will actually cover only a small part of the Kazakhstan population, as only 10% of Kazakhstan's population are wealthy people, or perhaps even less than that: 4-5% according to the statistics," Sultanov said. According to the new tax law, the tax rates for the vehicles with engine capacity of 4 000 or 5 000 cubic centimeters will be raised to 225 thousand tenge ($1,700), for the cars that have engine capacity exceeding 5 000 cubic centimeters the rate will set to around 346 thousand tenge ($2,300). All the new tax rates will be applied only to the cars bought after January 1, 2014. The residential estate tax rate will be calculated bases of its cost. The tax on real estate worth more than 150 million tenge ($1 million) will be tripled. Nursultan Nazarbayev was supportive of the Senators' idea to introduce the wealth tax since the draft law was presented.

Nursultan Nazarbayev, President of Kazakhstan, has signed the bill raising taxes, Tengrinews reports citing the official website of the President. Senator Kuanysh Sultanov earlier said that the bill amending the Tax Law of Kazakhstan would actually affect only wealthy Kazakhstan residents, but not the middle class. "The bill doesn't cover middle-class residential real estate. Only expensive luxury houses and buildings will be covered by the new taxation rates. Middle class transport is not going to be affected by the law either. But those citizens who buy expensive cars will pay higher taxes starting from January 1, 2014. The changes will actually cover only a small part of the Kazakhstan population, as only 10% of Kazakhstan's population are wealthy people, or perhaps even less than that: 4-5% according to the statistics," Sultanov said. According to the new tax law, the tax rates for the vehicles with engine capacity of 4 000 or 5 000 cubic centimeters will be raised to 225 thousand tenge ($1,700), for the cars that have engine capacity exceeding 5 000 cubic centimeters the rate will set to around 346 thousand tenge ($2,300). All the new tax rates will be applied only to the cars bought after January 1, 2014. The residential estate tax rate will be calculated bases of its cost. The tax on real estate worth more than 150 million tenge ($1 million) will be tripled. Nursultan Nazarbayev was supportive of the Senators' idea to introduce the wealth tax since the draft law was presented.

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