Kazakhstan is a state in the centre of Eurasia, bordering China, Russia, Uzbekistan, Kyrgyzstan and Turkmenistan. Kazakhstan produces textiles, foodstuffs, pharmaceuticals, fertilizers, petrochemicals, oil, gas, uranium, non-ferrous and ferrous metals, coal, and machinery. It is a member of the single customs union with Russia, the EAEU: no customs duties and VAT refund, and the possibility to open a bank account and carry out transactions in rubles. In addition, Kazakhstan has 12 special economic zones (SEZs). Low corporate tax (10%) with a simplified tax regime.
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The main document regulating accounting in Kazakhstan is the Accounting and Financial Reporting Act No. 234-III of the Republic of Kazakhstan of 28 February 2007.
Financial statements include:
The manner of making financial statements and additional requirements for them are set out in accordance with the International Financial Reporting Standards (IFRS) and national financial reporting standards, depending on the company’s size.
According to the Enterprise Act, entities in the Republic of Kazakhstan are classified into small, medium-sized and large depending on their asset value expressed in monthly calculation index (MCI) and the number of employees:
Small business entities have the right to apply national financial reporting standards and file accounts with state authorities and make financial statements in a simplified form.
Financial statements shall be in the national currency of the Republic of Kazakhstan: tenge (KZT).
Source documents shall be in Kazakh and (or) Russian.
Entities shall present financial statements to:
All entities must also send financial statements and an auditor’s opinion in electronic form to the tax inspectorate (in Kazakh or Russian).
The main document regulating audit in Kazakhstan is the Auditing Act No. 304-I of the Republic of Kazakhstan of 20 November 1998.
The following must be audited:
Annual financial statements must be presented to the National Bank annually by 30 April of the year following the reporting year.
Quarterly accounts must be presented by the 15th day of the second month following the reporting quarter.
Late filing of accounts may first result in a warning and, in the case of another violation, in an administrative penalty of 30 MCI. For small and medium-sized legal entities and non-profit organizations, it amounts to 45 MCI. For large legal entities, it amounts to 70 MCI.
Entities that have subsidiaries, besides financial statements on activity of the parent company, must make and present consolidated financial statements and audit financial statements of the group.
The parent entity has the right to determine the manner in which subsidiaries apply the unified accounting policy and subsidiaries’ property is inventoried and other matters connected with transparency and reliability of data of subsidiaries’ financial statements.
Consolidated financial statements include:
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