UMEX Real Estate

                        Irreproachable service,

                                               respectable agency…

+7 727 272 57 57
+7 727 313 10 54
+7 727 313 10 55

Almaty time 15:47
1 USD = 335.33 kzt 1 EUR = 395.49 kzt

In Tax agency of Almaty explained offers on payment of a tax at sale of housing

6 april 2016

Yesterday's  article about introduction of a general tax at property sale irrespective of the term of possession of property caused a big resonance of the public.

"Krisha" wants to explain that the specified information not absolutely is true, but not because of editorial office. Published earlier (at the moment modified) information to us was provided in Department of the tax state of Almaty.

We will explain in detail an essence of updating.

1. All March discussions of the new concept of the integrated Tax and Customs code of Republic of Kazakhstan  were conducted. The code has to be adopted this year, and amendments will start working since the beginning of 2017.

2. In the new code within introduction of general declaring the concept "income of the person" will be corrected.

In this regard   amendments according to which the words "less than a year" cleaned as well as norm on privileges in article 155 (subparagraph 20) of point 2 are made to article 180-1 of November 18, 2015).

Thus ("The income exempted from the taxation") brought new subparagraph 52 in article 156 of the Tax code) according to which " the increase in value at sale is excluded from the income of the person which is subject to the taxation (transfer as a contribution to authorized capital of legal entity) dwellings, country structures, garages, objects of personal subsidiary farm which are in the territory of the Republic of Kazakhstan on the private property right one year and more, from the date of registration of the property right.

Thus, in fact changed nothing: those who owned residential real estate on the property right more than one year (from the moment of registration in judicial authorities), won't pay a 10% tax at its sale.

And here for those who will sell the housing which was in property less than one year there can come changes to the best.

However we will remind, it only offers of the working group which can be not accepted for discussion by the working group of committee of the state income and further: in Mazhilis, the senate, the president.

According to the chief of the department of an explanation of the tax law of Department of state revenues of Almaty Edil Azimshayyk, the working group discussing offers offered a number of changes:

— To consider the amount of official inflation which influences the cost of property and depreciation of money, and also expenses which affected increase in cost, that is repair and other work, in the presence of supporting documents.

The offer generally concerns uninhabited objects, however and for the inhabited objects which are in possession less than a year, it is also actual. The current edition doesn't allow it. That is owners are compelled to pay a tax in spite of the fact that such expenses are also they are suffered on this immovable object or connected with purchase of object.

Considering that persons who don't have a real income also fall under taxation by income tax, it is offered to consider not a time threshold of possession in 1 year, and release from the taxation of 1 times in 5 years.

—  For example, you bought the house, but due to different circumstances are compelled to sell it within a year (moving to other city due to work change  etc.). However if the market changes and the prices rise, you are compelled to pay a tax. Therefore, I consider that it is necessary to exempt 1 time from a tax sale of inhabited property (the house, the apartment etc.). Thus on other objects we suggest to consider expenses also.

Source: krisha.kz

Umex Real Estate agency - rent/sale apartments, houses, offices in Almaty