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Parliament approved amendments to Tax Code

Astana. April 10. Kazakhstan Today - Today at the plenary session the Senate deputies accepted in the second reading the bill on introduction of additions to the Code of the Republic of Kazakhstan on Taxes and Other Mandatory Payments to the Budget (Tax Code) concerning exemption from tax on the added cost of realization of a residential building and (or) rent of such buildings, the agency reports. As it was informed earlier, the bill has been developed taking into account elimination of the situation created after application of the norms of the clause 226 of the Tax Code. According to one of the developers of the bill, the Majilis deputy Victor Tsoy, since January 1, 2007 the amendments to the Tax Code, providing VAT exemption from realization and rent of a residential building have taken into effect. However, according to the norm of the Tax Code, VAT exemption did not extend on realization or rent of a part of a residential building. As a result of different interpretation of the norm of the clause of the code, construction organizations of Kazakhstan have been disadvantaged having been charged VAT since January 1, 2007 and imposed a fine of 50 % of the sum. The introduced amendments eliminate the above-mentioned legal conflict in the Tax Code. The bill has been forwarded to the leader of the state.

Resourse: Kazakhstan Today

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