The Ministry of National Economy has announced whether bank transfers will be subject to taxation.

Astana. December 1. KAZAKHSTAN TODAY - The Ministry of National Economy of the Republic of Kazakhstan commented on the information circulating online regarding the imposition of value-added tax on citizens' bank transfers.

The discussion concerns the taxation (VAT) of the fees that banks charge clients for their services. For instance, fees for transfers or card issuance. The draft of the new Tax Code proposes a provision to abolish the existing exemption for financial transactions of second-tier banks. The transfers made by citizens will not be taxed," the Ministry of National Economy informed.

The agency noted that if money transfers within a single bank are conducted without a fee, then in such cases, no tax is incurred.

We remind you that the draft of the new Tax Code is currently under development. The proposed provisions are being discussed in parliament, with the business community and the public. The final draft of the Code will be adopted in 2025," the ministry added.