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Mar 31 2016

VAT transition to the Sales Tax (ST)

Current situation

  • VAT is calculated from the taxable turnover at the rate of 12%
  • VAT for purchased goods, works and services is credited (offset) to accrued VAT

The positive difference between calculated VAT and offset VAT is payble to the budget.
Negative difference between calculated VAT and credited VAT is subject either to be returned from the budget (zero rate turnover) or credited to future payments.
Challenges

  • Significant budget losses on VAT due to fraudulent schemes use created by possibility of VAT amounts return (refund) from the budget
  • High administration costs to prevent various fraudulent schemes
  • Possibility of corruption in VAT administration and refund

Read more: VAT-transition-to-the-sales-tax

Written by joakim@kzconsulate.se · Categorized: Documents, Kazakhstan · Tagged: administration, budget, goods, payments, services, tax, taxes, VAT, work

The Consulate in Gothenburg of the Republic of Kazakhstan.