Tokayev proposed introducing a tax for the rich in Kazakhstan
Kazakh President Tokayev proposed introducing an increased tax rate for owners of large wealth. He emphasized that it is not a matter of restricting legally acquired assets, but rather of a 'proportionate and honest contribution' of citizens to the country's development.
Tokayev proposed introducing a tax on the wealthy in Kazakhstan
President of Kazakhstan Kassym-Jomart Tokayev instructed the government and parliament to study the issue of introducing a higher tax rate for owners of large fortunes.
“I believe it is time to discuss the introduction of an increased rate for owners of large fortunes,” Tokayev said in his address to the nation on October 28.
“I would like to emphasize that no one intends to limit legally acquired assets in any way. That in itself would be unconstitutional. We are talking about a proportionate, fair contribution by every citizen to the development of our country. We are talking about justice,” he added.
Starting in 2026, a progressive personal income tax scale will take effect in Kazakhstan. A 10 percent rate will apply to income up to 36 million tenge (approximately 79 thousand dollars) per year, while a 15 percent rate will apply to the portion exceeding this amount.
The leader of Kazakhstan also noted the need to fully digitize the taxation process. “To increase tax collection, reduce the shadow economy, and lower corruption risks, it is necessary to use advanced technologies, including artificial intelligence,” he said.
In addition, Tokayev instructed the government to amend the new Tax Code. “The Tax Code is not a dogma or a sacred text; it must not be detached from life. Therefore, it is necessary to eliminate contradictions, stop the varying interpretations of norms, remove imbalances and the excessive burden on entrepreneurs,” he said.