The State Revenue Department for Almaty informs taxpayers about the main rules and changes relating to the calculation and payment of advance payments for Corporate Income Tax (CIT).

Who Is Required to Pay Advance Payments

According to Article 348 of the Tax Code of the Republic of Kazakhstan, advance payments must be made by legal entities whose aggregate annual income, taking into account adjustments for the period preceding the previous tax year, exceeds 600,000 Monthly Calculation Indices (MCI).

The following are exempt from making advance payments:

• taxpayers whose income does not exceed the threshold of 600,000 MCI;

• newly established taxpayers — during the current and the following tax year;

• non-profit organizations applying the provisions of Paragraph 1 of Article 329 and Article 330 of the Tax Code of the Republic of Kazakhstan;

• organizations of persons with disabilities that meet the requirements of Article 331 of the Tax Code of the Republic of Kazakhstan;

• participants of Astana Hub;

• other taxpayers specified in Subparagraphs 7–9 of Paragraph 1 of Article 348 of the Tax Code of the Republic of Kazakhstan.

Calculation Procedure and Submission of Tax Reporting

First quarter (January, February, March): Submission of the calculation of advance payments before filing the declaration (Tax Reporting Form 101.01) has been abolished. Advance payments are assessed automatically by the tax authority in the amount of 1/12 of the advance payment amount for the previous period (Article 349 of the Tax Code of the Republic of Kazakhstan).

Second–fourth quarters (April–December): Taxpayers submit the Calculation of Advance Payments after filing the declaration (Tax Reporting Form 101.02) no later than April 20 of the current year (Article 350 of the Tax Code of the Republic of Kazakhstan).

Adjustment of amounts: If the amount of expected income changes, the taxpayer has the right to submit an additional calculation (Tax Reporting Form 101.02) by December 31 of the reporting tax period.

Payment Deadlines and Administrative Liability

Advance payments must be made monthly no later than the 25th day of each month.

If the amount of CIT actually calculated at the end of the tax period exceeds the amount of advance payments by more than 20 percent, this entails administrative liability under Part 3 of Article 278 of the Code of the Republic of Kazakhstan “On Administrative Offenses” (in the form of an administrative fine amounting to 20% of the excess amount).

The State Revenue Department recommends that taxpayers make timely adjustments to the declared amounts of CIT advance payments.

Source : https://www.gov.kz/memleket/entities/kgd-almaty/press/news/details/1303459?lang=ru