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New Tax Code: Sales tax to be zero for non-cash payments

The new version of the Tax Code will stipulate that the sales tax will be zero percent for cashless payments. This decision was made following a public discussion, the head of the Tax Policy Department, Kubanychbek Ysabekov, said.

Initially it was proposed to abolish the zero rate of sales tax for non-cash payments. In return, only a 50 percent discount was to be provided. The International Business Council stressed that such a rule could lead to a decrease in the volume of non-cash payments and going of a part of the business underground. The authorities took this opinion into account.

As for kindergartens and private schools, taking into account the proposals received, it was decided to keep the benefits in full.

As for the Hi-Tech Park, the working group initially proposed to raise the reduced rate of 5 percent on income tax to 10 percent. But at the same time, it was planned to keep the rest of the tax exemptions.

«But in the end, taking into account the development of IT technologies and the good results of the HTP work, we decided to keep the rate of 5 percent on income tax. A compromise option was also worked out on the restriction for tax debtors to leave the country. This restriction will be possible only if there is a court decision,» Kubanychbek Isabekov added.

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