A potential tax rate on bank transfers in Kazakhstan has been announced.

On his Instagram page, the elected representative announced what awaits Kazakhstanis if the Ministry of National Economy of the Republic of Kazakhstan imposes a value-added tax on all payment systems, reports inbusiness.kz.

"I transferred money from one card to another — the fee was 150 tenge. However, if the norm proposed in the new Tax Code is adopted, such transfers could become nearly 12% more expensive. What am I talking about? About the ministry's plans to impose VAT on all payment operations. The servicing of plastic cards, transfers from card to card, from account to account, remittances, and banking services could significantly rise in price," – reported Asхат Аймагамбетов to his followers.

According to the deputy, representatives of the Ministry of National Economy claim that banks will cover these costs themselves.

"But let's be honest — this is a myth. Banks will never pass up the opportunity to shift costs onto clients. They are not charitable organizations. The National Bank, the Association of Financiers, experts, and even 'Atameken' have already expressed their opposition to this norm in the working group. However, the Ministry of Economy still included it in the draft code," – the deputy added.

In his opinion, such changes will not only increase the costs for Kazakhstanis but also undermine trust in the financial system.

"This initiative will affect everyone. We proposed amendments to change this norm.
How fair do you think it is to impose yet another tax on ordinary people? The budget deficit problem should be addressed by cutting non-priority expenses, using the budget more rationally, eliminating privileges, and increasing taxes for sectors that generate excessive profits, along with raising the corporate profit tax for banks," – summarized the deputy.

Later, the Ministry of National Economy provided clarification regarding VAT on bank transfers. The agency stated that:

• This concerns taxing (VAT) the fees that banks charge clients for their services. For example, fees for transfers or card issuance.
• The draft of the new Tax Code proposes a norm to eliminate the existing exemption for financial operations of second-tier banks.
• The transfers made by citizens themselves will not be taxed.
• If money transfers within one bank are conducted without a fee, then in such cases, no tax arises.

They reminded that the project of the new Tax Code is still under development. Currently, the proposed norms are being discussed in parliament, with the business community, and the public. The final draft of the code will be adopted in 2025.