What you should know about Income and property tax return (Form 270.00)?

Special edition №109

In brief

Pursuing the order of the Kazakhstan Minister of Finance No. 927, dated 13 September 2021, the “Income and property tax return” (Form 270.00) was approved. Form 270.00 will gradually replace the “Idividual income tax return” (Form 240.00).

In details

Individuals (citizens of KZ, foreigners, or stateless persons) who entered the 1st stage of Universal filing (UF) submitted the “Assets and Liabilities tax return” (Form 250.00), for the 2020 reporting tax period.

First stage captured government employees, individuals authorized to perform governmental functions, individuals equated to personnel assigned to perform governmental functions (heads of quasi-state companies, heads of state institutions, deputies of Parliament and Maslikhats, akims of all levels, etc.), large bank shareholders, large insurance organizations shareholders, large holders of securities, as well as their spouses.

Since Form 250.00 is a one-time entry declaration, the above mentioned individuals are required to submit the Form 270.00 annually, as of 1 January 2022.

The rest categories of individuals will be required to file the Form 270.00 annually, upon entering the UF, i.e. submission of the one-time Form 250.00. Form 240.00 is still valid and is required until abolished.

The deadline for Form 270.00 submission is as follows:

hard copy - no later July 15 of the year following the reporting calendar year;
electronically - no later September 15 of the year following the reporting calendar year.

Our Services

Our Global Mobility Team will be happy to assist your employees with their personal tax compliance obligations, including but not limited to:

conducting a webex on UF law requirements, overview of tax return form, interaction process with PwC and induction to PwC online platform designed for secure data transfer;
obtaining/ prolongation a taxpayer’s electronic key;
preparation of tax returns (form 240.00, 250.00, 270.00) & electronic submission to Tax Authorities;
analysis of individual’s personal tax position and respective tax obligations.

Responsibility

Except for the cases involving the accrual of taxes and other mandatory payments to the budget, submission of incomplete and inaccurate information in Forms 250.00 / 270.00 / 240.00, entails a warning. If violation is repeatedly committed within a year, an administrative fine of 3 MCI (8 751 kzt);
Concealment of taxable items that are reportable in personal tax returns, entails a fine for individuals in the amount of 200% of taxes due. Action (inaction) repeatedly committed within a year, triggers a fine of 300% of taxes due;
Concealment of information on ownership of property and money in bank accounts, outside KZ, are subject to fine of 100 MCI (291 700 tenge). If violation is committed repeatedly within a year, an administrative penalty of 200 MCI (583 400 kzt) applies.

MCI amount from January 1, 2021 – 2 917 kzt.