Kazakhstan Ministry of National Economy denies tax on individuals' bank deposit income

A message circulating on social media claimed that individuals would be taxed on the interest income they earn from bank deposits. The Ministry of National Economy of Kazakhstan responded to the claim, according to Egemen.kz. The ministry said the Government is not considering introducing such a tax.

In its official statement, the ministry cited Article 430 of the Tax Code, which states that personal income tax is not levied on interest income that individuals receive from their bank deposits. The Center for Countering False Information also urged citizens to act responsibly when sharing information that could cause unfounded concern and social tension.

The Head of State had earlier instructed the Government, in his Address to the people of Kazakhstan, to develop a package of specific and targeted changes to tax legislation.