According to Senator Bekbolat Orynbekov, in Kazakhstan, some large taxpayers have created artificial intermediary structures.
“There are facts of the sale of raw materials to such “exclusive” traders at reduced prices. In this case, it is impossible to obtain financial statements. Due to the lack of sufficient information, there is a risk of capital being withdrawn from the country through verified transactions. Therefore, it is recommended to expand the concept of related parties,” he noted.
In addition, the transfer pricing law requires monitoring of transactions on commodity exchanges, which currently does not exist.
“This creates conditions for the outflow of capital from the country. In this regard, it is recommended to exclude this provision from the law,” the deputy explained.
The document also introduces new accounting requirements.
“Currently, for large transactions, the responsibility for providing local reporting is assigned to members of the international group. Now it is recommended to assign this responsibility to taxpayers, which will ensure transparency of trade. These areas were included in the law taking into account global and domestic experience,” he concluded.
It should be noted that the Senate approved the law “On amendments and additions to some legislative acts of the Republic of Kazakhstan on transfer pricing issues” in two readings, then the document will be sent to the president for signature.
