In order to implement the Development Strategy of Kazakhstan until 2050 and create a welfare society based on a strong state, significant changes, additions and innovations are introduced in the legislation of Kazakhstan every year.
A selection of significant socio-economic transformations of the coming 2023:
- increasing cash income;
- entry into force of the Law “On Rehabilitation and Bankruptcy of Individuals”;
- entry into force of the Social Code;
- amendments to the Tax Code;
- functioning of the Constitutional Court.
Increasing cash income
- The minimum wage in the republic has been increased from 60,000 to 70,000 tenge, and the MCI will be 3,450 tenge. First of all, the increase in the minimum wage will affect "low-paid" workers. Secondly, employers who use the minimum wage indicator when setting the salary level will also revise the wages of other categories of employees, taking into account the inter-category system of qualifications.
The Law “On Rehabilitation and Bankruptcy of Individuals”
Three types of bankruptcy procedures for individuals will be applied:
- out-of-court bankruptcy (applies if: the debt to the STB, microfinance organizations and collectors does not exceed 1600 MCI; there is no official income or income does not exceed the subsistence minimum - 36,018 tenge; the debtor has no property);
- judicial bankruptcy (for debts over 1600 MCI and for other types of debts). At the same time, the debtor's property will be sold at auction;
- the procedure for restoring solvency provides for the possibility of obtaining installments in court to pay debts (up to 5 years) if there is a stable income.
It is also planned to monitor the financial condition of the bankrupt for three years after bankruptcy.
Social Code
The draft Social Code reflects the following main directions:
- the development of the labor market and new approaches to the organization of employment promotion;
- improving the system of special social services;
- bringing individual social security standards to the level of international standards;
- improving the professionalism and status of a social worker, etc.
Amendments to the Tax Code
- changing the rates for mining fees. A progressive scale of the digital mining fee rate will be applied, that is, for cheap electricity, a high fee rate will be applied, the upper scale of which reaches 25 tenge, for expensive electricity worth 1 kilowatt-hour from 24 tenge and above, a minimum rate of 1 tenge will be applied.
- introduction of a single payment from the wage fund for micro and small businesses with a reduction in the total load;
- incentives are also offered in the electric power industry. Thus, the cost of electric networks accepted on the balance sheet from their owners on a gratuitous basis will not be recognized as the income of the energy transmission organization;
- accounting for the cost of customs payments when determining property income for vehicles;
- provision of tax incentives for an improved model contract, including for gas projects;
- reduction of VAT refund terms from 155 calendar days to 75 working days.
Functioning of the Constitutional Court
Every citizen of Kazakhstan, as well as the Prosecutor General and the Commissioner for Human Rights will be able to directly defend their constitutional rights and freedoms in this court.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.