Accounting and HR Services of companies-participants of the International Financial Center "Astana" in Republic of Kazakhstan

Accounting and HR Services of companies-participants of the International Financial Center “Astana” in Republic of Kazakhstan

FChain has been successfully serving a number of companies-members of the Astana International Financial Center (AIFC) in Kazakhstan within the framework of accounting, tax and personnel accounting for more than a year. During this period, we deeply studied the specifics, all the subtleties and differences from the standards for conducting such important processes as accounting, tax and personnel accounting, acts of the Center, specially developed and approved in Article 6 of the Constitution of the Republic of Kazakhstan, as well as in special provisions concluded between the AIFC and the State Revenue Committee of the Ministry of Finance.

AIFC – the first institution in Nur-Sultan to offer businesses a complete and comprehensive platform with an independent regulatory framework, sound legal system and infrastructure designed specifically for attracting, implementing and protecting investments. The simple tax regime and operational incentives are structured in the way that help registered entities to reduce expenses and make the cost of doing business in the AIFC attractive to clients and increase their competitiveness.

There is a special list of tax benefits for corporate income tax, a simplified regime for obtaining a work permit for foreign citizens and internal acts regulating labor relations for the participants of the Center. Despite the fact that the Center’s website mentions value-added tax benefits, in practice there are no special VAT benefits for the Center’s participants, with the exception of the standard list of VAT exemptions enshrined in the Tax Code of the Republic of Kazakhstan. There are also Tax Administration Rules of AIFC Bodies and Participants, the List of financial services provided by the AIFC participants, income from which is exempt from CIT and VAT and the Regulations on keeping separate accounting by the participants of AIFC for the corporate income tax.

If you are planning to register with the AIFC or are already a member of the Center, we suggest to entrust the management of accounting, tax and personnel records to the team of professionals – FChain. It is difficult and energy-consuming to independently delve into all the intricacies of the accounting, tax and personnel accounting of the Center, while often special provisions refer to the Tax and Labor Codes of the Republic of Kazakhstan, as well as the rules for maintaining accounting in Kazakhstan. We have all the necessary knowledge and experience to provide accounting and personnel services at a high level and with practical knowledge of the specifics of these processes in the AIFC. Trust the best!

Article prepared by

Ekaterina Kassumova

07^th of October 2021