Kazakhstan Chamber of Commerce in the USA


The devil for tax havens

Posted on October 02, 2016 by KazCham

Centil Law Firm BI@centil.law

Kazakhstan’s tax authorities will soon be able to get information on citizens’ deposits in foreign banks. Starting from 1 January 2017, the Multilateral Convention on Mutual Administrative Assistance in Tax Matters will enter into force in Kazakhstan, enabling the automatic exchange of tax payers’ information with more than 90 countries all over the world.

According to the law on amnesty of the citizens of the Republic of Kazakhstan, citizens are required to declare all of their hidden proceeds in order to avoid criminal and administrative penalties.

The convention stipulates that parties to the convention shall exchange any information that is foreseeably relevant for the administration or enforcement of their domestic laws. Parties to the convention include well-known tax havens such as Switzerland, Luxembourg, Ireland, the Cayman Islands, Seychelles, Isle of Man, Mauritius and Monaco, which could come as a shock to those with funds in banks in these countries.

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