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| 1. | Regulatory Framework | Order No. 1429 of the First Deputy Prime Minister of the Republic of Kazakhstan — Minister of Finance of the Republic of Kazakhstan dated December 27, 2019. | ||||||||||||
| 2. | CRS Tax Information Exchange | CRS (Common Reporting Standard) This is a global standard for the automatic exchange of financial account information between countries. It was developed by the OECD (Organization for Economic Co-operation and Development) to combat tax evasion and enhance tax transparency. Under the CRS, financial institutions report information on account holders who are tax residents of foreign jurisdictions to their local tax authorities, which then exchange this information with other countries. |
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| 3. | Reporting Information to Tax Authorities | Information is provided on clients who are tax residents of countries that have signed an agreement on the automatic exchange of information. The broker does not report information on tax residents of Kazakhstan as part of CRS reporting. The information collected is submitted annually to the local tax authorities: in Kazakhstan, to the State Revenue Committee of the Ministry of Finance (SRC). The subsequent transfer of information to the authorized authorities of foreign countries is carried out by the SRC. The broker does not interact directly with foreign tax authorities. The reporting deadline is June 30 of the year following the reporting year. Information is submitted electronically using Tax Reporting Form 026 through the Integrated Tax Administration System information system |
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| 4. | Who Is Subject to CRS Reporting and What Information Is Reported? |
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| 5. | Methodology for Calculating Financial Information |
This methodology is based on the CRS reporting rules published by the OECD. |
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| 6. | Will the client’s information be reported under the automatic exchange of tax information (CRS) if their tax and actual residency differ from their country of citizenship, while they retain that citizenship? |
When preparing the report under the automatic exchange of tax information, the client’s country of tax residence as of December 31 of the relevant reporting year is taken into account. Accordingly, if a client changes their country of tax residence by December 31, 2026, their information will not be sent to the tax authorities of their former country of tax residence as part of the 2026 report. Instead, the information will be reported to the tax authorities of the client’s new country of tax residence, provided that the relevant country participates in the automatic exchange of tax information (CRS).
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| 7. | Is “Gross Revenue” an Income Indicator? | According to OECD documentation, gross revenue does not represent the client’s profit. However, in some countries, when filing a tax return, it is necessary to report gross revenue separately and, in another line, the acquisition cost of the relevant asset. | ||||||||||||
| 8. | What should I do if it is discovered that the Broker has submitted incorrect financial information? |
Contact the Broker’s customer support service. If, following an internal review, the Broker confirms that an error has occurred, the Broker will provide an official letter confirming the error and specifying the incorrect and correct amounts. The Broker will not resubmit the previously filed CRS report in respect of such client. |
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| 9. | What supporting documents can I use if I receive a notification from the tax authorities based on information received under CRS? | You may use the standard reports available in Tradernet as supporting documents. |