Bank accounts of the individual entrepreneurs and legal entities will not be closed if the tax debt is less than 17 thousand tenge. Innovations are aimed at supporting entrepreneurship. This was reported by the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan.

The amendments to tax legislation (Article 118 of the Tax Code) provide that suspension of debit transactions on bank accounts in case of failure to pay tax will be carried out only if the tax debt exceeds the amount of 6 MCI (17.5 thousand tenge in 2021).

These changes will come into effect from July 1, 2021.

In addition, if the taxpayer pays the tax arrears specified in the order of the tax authority on the suspension of debit transactions on bank accounts of the taxpayer, the bank has the right to independently resume debt operations on bank accounts before receiving a revocation of the order from the state revenue authority.

The above changes will come into effect from January 1, 2022 due to the need to work out information systems of SRC and second-tier banks.

"Amendments and additions were adopted by the Law of the Republic of Kazakhstan dated June 24, 2021 "On amendments and additions to the Code of the Republic of Kazakhstan "On taxes and other mandatory payments to the budget" (Tax Code) and the Law of the Republic of Kazakhstan "On the introduction of the Code of the Republic of Kazakhstan "On taxes and other mandatory payments to the budget" (Tax Code)" to the Code of the Republic of Kazakhstan "On Taxes and other mandatory payments to the budget" (Tax Code)," - the SRC added.