The changes in the current tax legislation, including increase of tax rates and social deductions, will come into force on 1st of January 2025, FChain Kazakhstan reports.
The rate of social contributions will increase from 3.5 to 5%. It also introduces social deductions under civil law contracts, which have been widely used for tax optimization.
The social tax rate will rise from 9.5% to 11%.
Mandatory employer pension contributions will increase from 1.5% to 2.5%.
The rate of mandatory pension contributions of employees as part of the single payment will be 10.5%, and social contributions will be 18.9%.
The total single payment rate will be 23.8% instead of the current 21.5%.
The minimum calculation rate (MCR) will increase from 3 692 to 3 932 tenge. The minimum wage remains at the current level of 85 000 tenge.
Due to the increase in the MCR, there will be changes in the amounts of deductions for PIT and CIT, limits on mandatory contributions and deductions (pension contribution, social contribution, compulsory health insurance contribution). There will also be an increase in the amounts of fines, state duties, other taxes and fees.
Article is prepared by Ekaterina Kassumova,
Director of FChain Kazakhstan
24th of October 2024
