Kazakhstan starts to report tax information under AEOI

Kazakhstan starts to report tax information under AEOI

Kazakhstan enters 2020 with a commitment to implement the first automated tax information exchange according to the OECD. It took almost two years since the Chairman of the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan has signed the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information. The Agreement envisages implementation of the common reporting standard for the automatic exchange of financial account information (CRS) in June 2018.

Kazakhstan implemented the AEOI framework and is putting it into use. The Swiss Official Gazette June 25 published a law extending the automatic exchange of information (AEOI) on financial accounts under the common reporting standard (CRS) to an additional 19 jurisdictions for the 2020 reporting year, which included Kazakhstan for 2020. The Republic of Kazakhstan also became reportable jurisdiction under AEOI standard in Hong Kong for the current year.

OECD provided a useful tool for monitoring which jurisdiction reports to what under activated bilateral exchange relationships at special page, but Kazakhstan is not listed there yet as an active member of the exchange. There are close to 4000 mutual exchange relationships activated concerning more than 100 jurisdictions committed to the CRS.

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