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In a world where financial transparency and the fight against tax evasion are becoming increasingly important, universal declaration of individuals plays a key role in ensuring the fairness and efficiency of the tax system. The third stage of universal declaration will start in Kazakhstan in 2024; let’s figure out who will be the declarants and what to declare for 2023?

Individuals who are managers, founders (participants) of legal entities, individual entrepreneurs as of January 1, 2024 and their spouses, regardless of tax residency status, are required to submit a tax return of assets and liabilities by initial form 250.00. Thus, not only residents, but also non-residents, including those from the EAEU countries, who are in the status of a director or founder/shareholder of a legal entity in Kazakhstan as of January 1, 2024, and their spouses, have an obligation to submit a declaration.

Before submitting a declaration, it is important to check whether you are an individual entrepreneur or the head of a legal entity that has suspended operations or is on the list of unreliable taxpayers.  Further, it is necessary to verify the reliability of certain information in Kazakhstan to be declared on various state and quasi-state portals.

You can perform all the checks yourself, but it is more reliable to entrust it to professional accountants. By ordering the service for preparing and submitting tax return 250.00 to FCHAIN, we will scrupulously check all the necessary lists and registers for you.

The declaration must be submitted to the state revenue authorities at the place of residence by September 15, 2024 electronically and by July 15 on paper. Preparing and submitting the TR 250.00 can be done now, we recommend doing so well in advance.

 Universal declaration of individuals is an important tool to ensure fairness and efficiency of the tax system. By collecting information on income and financial liabilities, the government can ensure that the tax burden is fairly distributed and finances are better managed. However, for successful implementation of such a system it is necessary to ensure a balance between transparency and protection of confidentiality of individuals’ financial data, and FCHAIN’s team of professionals will certainly help in this.

To receive services for preparing and submitting the tax return 250.00, please leave a request on our website or write to almaty@f-chain.com

Article is prepared by Director of FCHAIN Kazakhstan

Ekaterina Kassumova