- Digital VAT pilot project launched in Kazakhstan using digital tenge.
- Digital tenge is a digital form of the national currency based on blockchain technology.
- Exporting companies can participate by purchasing digital tenge with marked VAT from the National Bank.
- Digital tenge can only be used for payments to suppliers and the budget.
- All transactions are recorded and transmitted to tax authorities for faster and more accurate VAT refunds.
- Benefits for businesses include:
- Reduced VAT refund time to 15 working days.
- No tax audits, reducing administrative and financial costs.
- Faster and guaranteed cash turnover, improving financial planning.
- Pilot project participants received their money within 5 days without tax audits.
- Tax authorities aim to expand digital solutions for increased transparency in tax revenue.
Source: uchet.kz
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
