Corporate income tax

Corporate tax is governed by section 4 of the Tax Code of the Republic of Kazakhstan.

For corporate income tax payers are legal entities-residents of the Republic of Kazakhstan, which are business entities engaged in veterinary entrepreneurial activities, as well as non-resident legal entities operating in Kazakhstan through a permanent establishment or receive income from sources in the Republic of Kazakhstan.

The objects of taxation of corporate income tax, in accordance with Art. 82 of the Tax Code of the Republic of Kazakhstan are:

- Taxable income;

- Income taxed at the source of payment;

- Net income of a nonresident legal entity doing business in the Republic of Kazakhstan through a permanent establishment.

In accordance with Art. 83 of the Tax Code of Kazakhstan taxable income is defined as the difference between the adjusted gross annual income and deductions provided by the Tax Code, as adjusted taxable income.

The procedure of calculation and terms of payment of corporate income tax are determined by Chapter 14 of the Tax Code of the Republic of Kazakhstan.

Corporate income tax is calculated for the tax period.

For corporate income tax tax period is the calendar year from January 1 to December 31.

Corporate income tax rate established on January 1, 2010 to January 1, 2011 was 17.5 percent of taxable income. Since 2011, and subsequently will be applied rate of 15%.

Taxable income is determined as the difference between the gross annual income subject to adjustments provided for in Article 99 of the Tax Code, and the deductions provided by Chapter 11nazvannogo Code.

Taxpayers pay the corporate income tax by making advance payments in equal installments during the tax period no later than the 20th of the current month.

The taxpayer is obliged to submit to the period up to 20 January of the year following the reporting of the sums of advance payments payable for the period up to the date of the declaration.

Newly created taxpayers within 20 working days from the date of state registration are required to submit to the tax authority the amount of the proposed payment of advance payments payable during the tax period.

The corporate income tax consists of a Declaration and its annexes on the disclosure of information about the objects of taxation. It appears to the tax authorities no later than 31 March of the year following the reporting tax period.

Simultaneously with the declaration of corporate income tax payer shall submit to the tax authority at the location of the annual financial statements prepared in accordance with international standards and requirements of the legislation of the Republic of Kazakhstan on accounting and financial reporting.

Taxpayers applying special tax regime for small businesses on the basis of a simplified declaration does not constitute a declaration of corporate income tax on income taxable in accordance with article 427 of the Tax Code of the Republic of Kazakhstan.

Date: 2016-01-03; view: 1046