On September 5, amendments to the Code of Administrative Offenses concerning violations of legislation on accounting and financial reporting came into force, FChain Kazakhstan reports.
The amendments affect Article 238 of the Code and provide for increased liability for the following offenses:
- evasion of bookkeeping
- preparation of distorted financial statements, concealment of data to be reflected in accounting records, entering into accounting documentation knowingly false information about the economic and financial activities of the organization, as well as destruction of accounting documentation
- appointment to the position of chief accountant of a public organization of a person who does not hold a certificate of professional accountant
For these violations, individuals and officials face a fine of 100 MCI – 369200 tenge in 2024, which is double the previous fine of 50 MCI – 184600 tenge. For repeated commission of the above violations within a year after the imposition of an administrative penalty, the fine shall be increased to 200 MCI – 738400 tenge.
In case of independently eliminating the violations within 10 working days from the moment of receiving the notification about the detected violations, the official of the company shall not be subject to administrative liability.
Misstatement of financial statements for the purposes of this Article shall be recognized as misstatement in the amount of more than 20 MCI – 73840 tenge.
To avoid unnecessary fines and ensure your financial operations are in compliance with local regulations, it is essential to entrust your bookkeeping and tax accounting to a professional consulting company like FChain Kazakhstan. Managing financial records and tax obligations can be complex, especially with ever-changing tax laws. A minor mistake can lead to significant penalties, draining your resources and damaging your business reputation.
FChain Kazakhstan offers expert services in bookkeeping and tax accounting, ensuring your financial data is accurately recorded and your taxes are filed correctly and on time. By relying on professionals, you can focus on growing your business while staying compliant and avoiding costly fines.
Article is prepared by Ekaterina Kassumova,
Director of FChain Kazakhstan
9th of September 2024
