New Asset and Liability Declaration Requirements in Kazakhstan

Heads of legal entities, founders (participants) of legal entities, individual entrepreneurs, and their spouses are now obligated to submit declarations on assets and liabilities as of 1 January.

Who It Affects

The obligation to submit declarations on assets and liabilities applies to individuals only, regardless of their citizenship. However, it does not apply to heads of Kazakhstan branch offices.

Requirements

The declaration should be prepared based on the data as of 31 December of the year preceding the year when such declaration is submitted. It must be submitted at the place of residence (or stay) no later than 15 September of the current year in which the obligation to submit the declaration has occurred.

Further, affected individuals are required to submit income and property declarations starting from the year following the year in which they submitted their declarations on assets and liabilities.

Individuals who fail to submit these declarations will be subject to administrative liability.