The financial year starts from 1st January and ends on 31st December of the same year.
According to the new Law, large business entities and organizations of public interests must prepare financial reports in accordance with IFRS. Other legal entities and individual entrepreneurs, at their discretion, may prepare financial reports in accordance with either IFRS or the National Accounting Standards, which generally refer to IFRS.
The accounting balance sheet is presented with shareholder capital and debts as liability, the latter will be broken down into long term and short term debts. The income statement gives the priority to the referential of total production and classification of expenses per function. (Russian model).
The law pertaining to companies in the Republic of Kazakhstan encourages companies to post up the operational accounts. The accounts should be established in national currency according to the new Russian accounting plan introduced in January 1992. Accounting should be held as per the standards in force but the companies do not have any obligations for the annual reports, except for financial reports.
There is no formal obligation for the audit, except for registration of daily activity. However, the rights, obligations and qualifications of auditors tend to be more and more specific and subjected to laws and regulations. Certain companies must undergo an annual statutory audit (banks, insurance companies, pension funds, and other financial institutions, joint stock companies, and companies operating under an investment contract concluded with the State). An audit company of their choice can perform this audit. Sometimes, however, it may be required that a statutory audit is performed by a Big 4 audit firm. You can contact an external auditor: Deloitte, Ernst & Young, PricewaterhouseCoopers, KPMG.
Capital gains are treated as normal income and taxed at the standard corporate tax rate of 20%.
Main Allowable Deductions and Tax Credits
Allowable deductions generally include expenses associated with activities designed to generate income. Deductions for depreciation and depletion, net operating losses, payment to foreign associates, and certain taxes.
Other Corporate Taxes
Taxes on export of certain products (hides and skins, certain oil products,...), taxes on import of some products, real property tax, social security contributions, land tax, vehicle tax.
Country Comparison For Corporate Taxation
Eastern Europe & Central Asia
Number of Payments of Taxes per Year
Time Taken For Administrative Formalities (Hours)
Total Share of Taxes (% of Profit)
- Last Available Data.
Individual income is taxed at a flat rate
Allowable Deductions and Tax Credits
A list of possible individual tax deductions is available on the Tax Committee website.
Special Expatriate Tax Regime
A non-resident having a trading activity in Kazakhstan is liable to pay income tax on Kazakh at source after deduction at a rate of 30%.
Double Taxation Treaties
Countries With Whom a Double Taxation Treaty Have Been Signed
In the area of intellectual property, Kazakhstan adheres to the following international agreements: the Convention instituting World Intellectual Property Organization, the Paris Convention for protection of industrial property, the Madrid Agreement concerning the international registration of trademarks, the Patent Cooperation Treaty (PCT) and the Eurasian Convention on patents. The last three agreements enable to obtain the protection for trademarks or patents in Kazakhstan by registration of requests in Paris or in Geneva.
The Constitution of Kazakhstan restricts the independent power of the judiciary significantly, which is subordinate to the executive.
Equal Treatment of Nationals and Foreigners
Foreign nationals are not guaranteed the benefit of an impartial process regarding legal issues.
The Language of Justice
Two legal languages are used in the country: Kazakh and Russian.
Recourse to an Interpreter
Sources of the Law and Legal Similarities
The main source of the law is the new Constitution, adopted during the national referendum held in August 1995. The judicial system of the country is based on a system of civil law. The Constitution is available on-line on the Parliament website .
Integration in the International Standards Network
KAZMEMST is a committee member of the International Organization of Standardization (ISO), a member of the Euro-Asian Council for Standardization, Metrology and Certification (EASC), and the National Centre of Accreditation is associated with the International Laboratory Accreditation Cooperation (ILAC).
The public agencies and most of the companies and banks are open from 0900 hrs or 1000 hrs to 1700 hrs or 1800 hrs with one hour lunch break between 1200 hrs and 1500 hrs for banks and between 1200 hrs and 1400 hrs for administrations. Some offices are open only in the morning.
Food stores and bakeries are open every day (including Sundays) from 0900 to 2000h with a break at noon. Supermarkets are open 24 /24 hrs and 7/7 days.