EXEMPTION OF THE TAX ON 3 YEAR IN KAZAKHSTAN
Published: 01.07.2020 | Author: lmammadova
In the difficult circumstances of the economic crisis, of the widespread halt in social life and, as a consequence, the decline in business turnover, it is the right time to recheck the tax benefits and exemptions that the state provides to support business. At the end of 2019, a law was published on the exemption of a number of entrepreneurs from certain types of taxes for the period from January 1, 2020 to January 1, 2023, namely:
✓ IE under the patent – from IIT (individual income tax)
✓ IE on a simplified declaration – from the IIT and social tax for the person for whom the IE is drawn up
✓ Legal entities related to micro and small business – from CIT (corporate income tax)
This law was designed to support micro and small businesses, for the development of entrepreneurship without taking into account the crisis that occurred in 2020.
The forecast for the development of small business was very optimistic, but now this law helps many micro and small business entrepreneurs to survive in difficult crisis conditions. There are a number of conditions under which an entrepreneur must meet in order to receive tax benefits under this law: restrictions on activities, size of the business, and number of employees. For example, this law does not apply to 16 types of activities. In addition to the type of activity, there are other conditions, which combinations make it possible to apply this law to your business. Understanding this issue is not easy, in case of an error, the consequences for the entrepreneur can be catastrophic.
The team of professionals FCHAIN offers an accurate consultation, within the framework of which we will review the initial data of your company and give an opinion on the applicability of the law on tax benefits. We offer simple ways to safely conduct business on favorable terms. Knowing the conditions of taxation and the applicability of tax benefits legally is one of the most important ways to reduce risks in aggressive market conditions.