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MPs propose to extend the VAT offset method for imported goods

27.11.2021
MPs propose to extend the VAT offset method for imported goods

Majilis deputies sent a bill to the Senate, which provides for the extension of the tax code article on the payment of VAT by offsetting method on imported goods, reports World of NAN.

To recall, next year the tax code articles - 427 "Payment of value added tax on imported goods by offset method" and 428 "Payment of value added tax on imported goods into the territory of the Republic of Kazakhstan from the territory of the Member States of the Eurasian Economic Union by offset method" ceased to be valid. That is, from January 1, 2022 all imported goods will be taxed and consequently will increase in price. For example, if a farmer buys a pedigree cow from abroad, or a brand-new John Deere tractor, he will have to pay 12% value-added tax. Considering that most farmers in Kazakhstan import cattle, seeds, agricultural equipment, pesticides and fertilizers, this will significantly affect the growth of production costs.

Fortunately, the members of the Majilis initiated a draft law "On Taxes and Other Obligatory Payments to the Budget", which sets out the following: "Articles 427 and 428 of the Tax Code shall remain in force until January 1, 2025." Thus, the deputies propose to extend the exemption of imported goods from value-added tax.

The draft has already been approved by the Majilis in two readings and sent to the Senate. It will come into force only after the approval of the bill in the Senate and the signature of the President.


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