Starting from 2024, leaders of all types of organizations, business owners, and their spouses are required to submit asset and liability declarations in Kazakhstan. By January 1, 2025, all citizens must also submit these declarations. There is a wealth of information online on how to correctly fill out the declarations, yet questions persist. We have compiled these queries and directed them to Dina Kusainova, the head of the Individual Income Administration Department of the Tax Committee of the Ministry of Finance of the Republic of Kazakhstan.
One common query is whether individuals need to specify jointly acquired property with their spouse. It is clarified that property registered in Kazakhstan does not need to be declared, while jointly owned property registered in a foreign country must be declared by both spouses.
Another question is whether a spouse can fill out the declaration on behalf of their partner. Declarations regarding assets, liabilities, income, and property must be submitted individually by each person.
The method of submitting the declaration is outlined in the Tax Code, either in hard copy, signed by the individual or their representative, or electronically through the tax reporting system.
Regarding errors in the declaration possibly leading to the closure of bank accounts, citizens can rectify any mistakes by submitting additional declarations within the statute of limitations of three years.
Furthermore, minors' declarations are to be submitted by their legal representative if the minor owns property outside Kazakhstan.
In case of errors, individuals can submit additional declarations promptly without waiting for notifications from tax authorities.
The declaration should include real estate registered outside Kazakhstan, while real estate within the country need not be specified.
Individuals can declare cash within a limit set by the Tax Code, and debts owed or to them must be reported with a notarized agreement.
Gifts exceeding a certain value are to be declared as gratuitously received property, exempt from taxation if unrelated to business activities.
Income from tax agents, including wages, social benefits, etc., need not be reported in the declaration as this information is provided to tax authorities by authorized bodies.
Failure to submit declarations on time may result in a warning, while inaccurate information may lead to penalties as per the Administrative Offenses Code.
Data security is maintained through closed-loop systems at the Tax Committee, ensuring confidentiality and limited access to declarations by authorized personnel, who bear personal responsibility and are subject to legal regulations on information security and personal data protection.
