Kazakhstan Joins OECD Multilateral Agreement to Exchange Financial Account Information
Kazakhstan has joined the Multilateral Agreement of the Organization for Economic Cooperation and Development (OECD) on the automatic exchange of information on financial accounts. State Revenue Committee Chairman Ardak Tengebayev signed the Multilateral Agreement on 26 June 2018, thus enabling implementation of a single standard for the automatic exchange of information on financial accounts. The agreement has now been signed by 102 jurisdictions.
Joining the Agreement enables Kazakhstan to receive information about the balance of cash in foreign currency on the accounts of Kazakhstani residents at the end of the calendar year in automatic mode, according to the State Revenue Committee. The main purpose of the information exchange is to fight tax evasion and prevent the outflow of capital from the country. This automatic information exchange with Kazakhstan will begin in September 2020 and will cover 2019 date.
Kazakhstan is also a member of the Convention on Mutual Administrative Assistance in Tax Matters (the Strasbourg Convention), bilateral agreements on the exchange of tax information, and cooperation and mutual assistance agreements on compliance with tax legislation (with the Russian Federation, Azerbaijan, Belarus, Kyrgyzstan and Italy). These agreements enable the mutual exchange of information on all types of tax and any other information relating to taxpayers of the member countries and are the legal basis for conducting simultaneous tax audits within these countries.
The universal declaration obliging individuals to submit declare assets and liabilities for property under ownership, as well as individual liabilities as of December 31, 2019 is planned to enter into force in 2020.
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