Mobile transfer levy clarification: Kaspi.kz identifies potential individuals impacted by taxation on mobile transfers
Kaspi.kz Clears Up Confusion Surrounding Mobile Transfers, Taxes, and Entrepreneurs
FAQs About the New Mobile Payment Initiative Answered
1. As an individual, will my mobile transfer data be shared with the tax authority?
No worries there! For now, your personal mobile transfer data will not be shared with the tax authority. According to the phased introduction of the universal declaration, information on entrepreneurial activity will only be scheduled for 2025. Until then, things will stay the same for individuals who aren't entrepreneurs or public officials.
2. Will there be any restrictions or taxes on mobile transfers?
Relax! There's no need to fret about restrictions or taxes on mobile transfers between individuals. The bill doesn't call for any new taxes or guidelines on such transfers.
3. If an entrepreneur receives mobile transfers from clients, will they have to pay higher taxes for them?
Rest easy! The bill doesn't introduce new taxes. But it's essential to remember that using mobile transfers for entrepreneurial purposes doesn't exempt sellers from their tax obligations and fiscal check responsibilities according to Kazakhstan's legislature.
4. I'm an IP or a company director. Will my mobile transfer data be shared with the tax authority?
Looking ahead, it's planned to transfer information on signs of entrepreneurial activity on accounts belonging to IPs and company directors from 2024.
5. What's this bill all about then?
Here's the scoop! The bill doesn't impact mobile transfers between individuals. Instead, it proposes the introduction of the concept of "mobile payments" and obliges IPs and legal entities to accept payment for goods and services via designated accounts for entrepreneurial activity. For example, this is already possible using the Kaspi Pay and Kaspi QR mobile applications for payment acceptance.
Insights:- The bill focuses on modernizing the payment system and obliging businesses to accept payments for goods and services via designated accounts for entrepreneurial activity.- Data sharing between mobile payment systems and tax authorities is commonly employed to enhance tax compliance and reduce tax evasion, involving the reporting of transactions above certain thresholds to ensure accurate income reporting.- The changes may have implications for personal financial privacy, tax obligations, and operational costs for individual entrepreneurs and company directors.
[1] Karmenik, J. (2021, March 25). The Booming Cryptocurrency Market in Kazakhstan. Infopulse. Retrieved from https://www.infopulse.com/company/blog/the-booming-cryptocurrency-market-in-kazakhstan
[2] Interfax-Kazakhstan. (2021, February 17). Interbank transfers via mobile phones starting June 2025. Kazinform. Retrieved from https://en.kazinform.kz/other/interbank-transfers-via-mobile-phones-starting-june-2025.html
In the context of the new mobile payment initiative, there will be no personal data sharing between mobile transfer users and the tax authority until 2025, and there will be no new taxes or restrictions on mobile transfers between individuals. The bill primarily aims to obligate IPs and legal entities to accept mobile payments for business transactions by 2024, while technology will play a significant role in enhancing tax compliance and reducing tax evasion.
