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30 September 2024 | 13:28
New project to facilitate VAT refunds in Kazakhstan
Tengrinews.kz - The State Revenue Committee has announced the launch of a pilot project called "Digital VAT," which will begin on October 7, 2024.
ПОДЕЛИТЬСЯ
Tengrinews.kz - The State Revenue Committee has announced the launch of a pilot project called "Digital VAT," which will begin on October 7, 2024.
This project aims to accelerate and simplify the VAT refund process for exporters. The State Revenue Committee promises that the VAT refund period will be reduced to 1 to 15 working days, compared to the usual 55-75 days, without the need for audits.
Transactions will utilize the digital tenge - a new form of the national currency. Participating companies will be able to pay suppliers and VAT using digital tenge, enhancing the transparency of operations and reducing risks of tax fraud. The project is being implemented in collaboration with the Ministry of Digital Development and the National Bank of Kazakhstan.
"The pilot project is voluntary and will last until the end of 2025. All exporters in Kazakhstan can participate," stated the State Revenue Committee.
VAT refunds are the process through which legal entities and individual entrepreneurs can reclaim the VAT amount paid when acquiring goods or services.
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