Updated law on payments and payment systems to be entered into force in October 2016

10 August 2016, 20:15
Фото: Официальный сайт Премьер-Министра РК

In the Republic of Kazakhstan the Law "On payments and payment systems” was amended in accordance with international requirements. The updated law will come into force on October 10 this year.

According to Chairman of the State Revenue Committee of the MF of the RK Daulet Yergozhin, changes in the legislation will be officially published  in several days and will come into force after 60 days from the date of publication on October 10, 2016.

Thus, the law is valid for  the transaction with foreign person  exceeding 10-fold MCI. In addition to the implementation of the law 4-normative legal acts are being developed, which regulate the form, timing and notification of information to the tax authorities of the receipt of money or other property, the procedure for maintenance of the database and tax registers.

As explained by the Speaker implemented measures do not limit the rights of taxpayers and aimed at creating a clear procedure for their production and consumption.

"Within 10 days after the transaction it is necessary to provide notice to the bodies of state incomes," Yergozhin said.

It is worth noting that a similar experience was observed in the OECD countries, the US, the UK, China, and Israel, so that innovation is fully in line with international requirements and obligations of disclosure and transparency policy of capital.