Export prices for grain are underreported: the state budget has underreceived 10 billion tenge

At a plenary session of the Majilis the need to amend the legislative acts regulating transfer pricing of grain was identified, World of NAN reports.

It is planned to introduce methods for determining the market price, the mechanism for determining the market range.

The bill will also expand definitions of interconnectedness of parties for the purpose of control on capital outflow, as well as control on transfer pricing of transactions made on commodity exchanges.

"The adoption of this law will allow to determine the real profit of companies, and the amount of income tax in a much larger volume than now," - emphasized Majilis deputy Tatyana Savelyeva.

Thus, commodity exchanges will cease to be a tool to reduce tax payments. Exchange transactions will be controlled for understatement of the value of goods. For example, in 2019, budget losses due to understatement of grain prices amounted to 10.3 billion tenge.

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