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Tax committee canceled tax on sale of apartments

Astana. November 12. Kazakhstan Today - Tax committee of Kazakhstan canceled tax on sale of apartments. The chairman of Tax Committee of the Ministry of Finance of Kazakhstan Nurlan Rakhmetov stated on Friday, the agency reports referring to KTK telechannel. Tax Committee addressed the Majilis deputies with the request to make amendments to the law and restore previous edition of clause 226 of Tax Code. Tax ban will come into force after acceptance of the amendment by the Parliament. Thus, "building companies were not paying tax on each sold apartment, accordingly fiscal bodies issued huge accounts that caused panic among businessmen," the telechannel informs. As it was informed earlier, the amendments were introduced by the Law of December 11, 2006 in the clause 229 of Tax Code providing "VAT exemption of realization of residential building or renting of such buildings, including sub-renting, except for realization or renting for rendering hotel services since January 1, 2007. However, on September 13 2007, Tax Committee of the Ministry of Finance received the letter from the State Office of Public Prosecutor that stated that "in connection with the absence in paragraph 1, item 1, clause 226 of the code after the words "a residential building" and "a part of a building" the norms should be interpreted in such a manner that VAT exemption is provided only at realization or renting of the whole residential building, instead of its separate parts."

Resourse: Kazakhstan Today

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