Kazakhstan's President approves changes to the Tax Postponement Law within Retirement Pensions
In a significant move, President Kassym-Jomart Tokayev of Kazakhstan has signed the Law of the Republic of Kazakhstan 'On Amending and Supplementing the Tax Code of the Republic of Kazakhstan (Tax Code)', and the Law of the Republic of Kazakhstan 'On the Entry into Force of the Tax Code of the Republic of Kazakhstan (Tax Code)' on an unspecified date and location.
The amendment, which took place in Almaty, Kazakhstan, includes a new provision that offers a 16-year deferral for Individual Income Tax (IIT) when citizens withdraw their pension savings. This deferral is not a part of the previously reported amendments to the tax code, according to available search results.
Prior to these amendments, the Tax Code did not provide for deferral of IIT on pension withdrawals. The details of this new provision were not specified in the previously reported news, but it is now clear that the deferral is not immediate but granted over a 16-year period.
The news was reported by Almaty.tv, based on a statement from Akorda. However, the purpose or details of the tax code amendments were not specified in the provided paragraph.
The amendments primarily focus on progressive tax rates, securities transactions, foreign currency income, and enhanced reporting requirements for individuals and nonresidents. There was a clarification on taxation documentation and universal tax filing obligations, but no explicit mention of IIT deferral for pension withdrawals was found in these documents.
The Tax Code reform effective 2026 introduces additional changes to personal income taxation, such as progressive PIT rates and simplifications in tax administration, but pension IIT deferral is not specifically addressed in the summarized changes.
Employees of the pension fund have reportedly answered pressing questions from citizens, but the details of these discussions were not specified in the provided paragraph. The state will grant the 16-year payment deferral for IIT when Kazakhstanis withdraw their pension savings, but further detailed legal texts or official government releases would be required to confirm and explain it fully.
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- The deferral of Individual Income Tax (IIT) on pension withdrawals is a new provision in the Tax Code of Kazakhstan, uncovered in a recent amendment, and it is not related to previously reported amendments in finance, business, politics, or general-news.
- The 16-year IIT deferral for pension savings, a significant change in the Tax Code of Kazakhstan, appears to be a move largely related to personal finance matters, although its political implications could potentially be explored further.
