Kazakh citizens to pay tax when withdrawing pension savings
The early withdrawn part of the pension savings of Kazakh citizens will be subject to 10 percent income tax, reported the press service of the State Revenue Committee of Kazakh Finance Ministry. According to the current legislation, incomes subject to individual income tax include payments made by the Unified Accumulative Pension Fund. At the same time, individuals have the right to reduce the amount taxed by applying for deductions in the amount of one minimum wage. Socially vulnerable segments of the population such as people with disabilities of all groups, those equated to the participants of the Second World War, parents and guardians of people with disabilities as well as foster parents of orphans, have the right to additionally apply a deduction of 882 MCI (monthly calculation index), or just over two million tenge (US$4,698). Partial withdrawal of pension savings will become possible from 2021.