Information report for tax declaration

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1. Tax Report

Basic Calculation Principles

Basic formula:

Capital gains income = Capital gains − Trading losses on securities

If the capital gains income is negative (i.e., a net loss for the year is recorded), the capital gains income for the year equals zero. Capital gains income is calculated separately for preferential securities and non‑preferential securities.

Formula for calculating capital gains income or loss:

Profit/Loss = Closing position price − (Opening position price + Broker’s fee for purchasing securities)

When calculating profit/loss to determine the opening position price, the FIFO method is applied. For a Long transaction, this is the purchase price; for a Short transaction, it is the sale price.

Income or loss from the sale of securities is calculated using the FIFO principle (First In – First Out). That is, securities are written off in the order in which they were credited to the account. The Tax Code of the Republic of Kazakhstan establishes this method as the only acceptable one. The calculation takes into account not only the securities purchase price but also the investor’s expenses — for example, fees of brokers and other intermediaries.

A loss on preferential securities cannot be used to reduce profits on non‑preferential securities. Conversely, a loss on non‑preferential securities does not reduce profits on preferential ones. If, at the end of the reporting year, the capital gains income in any category of securities is negative, such a loss is not carried forward to future tax periods and is treated as 0.

2. Purchase and Sale of Securities

This section provides the source data used to calculate the realized financial result for closed securities transactions during the reporting year.

What are “opening/closing prices”?

Opening price

The price at which the position was opened (for Long transactions, this is the purchase price; for Short transactions, it is the sale price).

Closing price

The price at which the position was closed (for Long transactions, this is the sale price; for Short transactions, it is the purchase price).

How is profit/loss calculated?

Realized financial result for a closed position. A positive value reflects the profit earned; a negative value indicates a loss on that transaction.

Profit/Loss = Sale price − Initial cost

Initial cost = Purchase price + Broker’s fee for purchasing securities*

*The leverage fee (negative balance) is not accounted.

How is the “Transaction Fee” calculated?

The fee in USD is converted into the transaction currency, after which the total amount is recalculated into tenge at the official weighted average exchange rate of the National Bank of the Republic of Kazakhstan.

What is an “offshore”?

If the issuer of the securities or transactions therein are registered in a jurisdiction with preferential tax treatment, the opening position price and the broker’s fee are not accounted. That is, when trading securities where the issuer is registered offshore or the transaction was registered offshore, the profit will equal the closing position price. The current list of jurisdictions with preferential tax treatment is provided in Order No. 492 of the Minister of Finance of the Republic of Kazakhstan dated September 12, 2025.

What does the column “Income/Loss in the RK Tax Return” mean?

The realized financial result for the closed position, shown in the “profit/loss” column, converted from the transaction currency into tenge at the official weighted average exchange rate of the National Bank of the Republic of Kazakhstan.

What does “Transaction Date” mean?

This is the date of transfer of title (ownership).

What does “Preferential Status Type” mean?

The following types of securities are classified as preferential:

• Securities included in the official lists of Kazakhstan stock exchanges — Astana International Exchange (AIX) and Kazakhstan Stock Exchange (KASE) — as at the time of sale;
• Government bonds;
• Agency bonds;
• Units of open‑end and interval mutual investment funds;
• Shares of legal entity participants registered in the AIFC.

All other securities are classified as non‑preferential.

To ensure transparency in the calculations, securities are classified into one of five types. Examples of each type of security are provided below.

1. Securities whose issuer is registered in the Republic of Kazakhstan and which were traded on Kazakhstan exchanges AIX or KASE.

An investor (individual) actively traded Air Astana shares on Kazakhstan stock exchanges: KASE (ticker AIRA.KZ) and AIX (ticker AIRA.AIX). Since AIRA is included in the official list of at least one Kazakhstan exchange, this share is classified as preferential security.

Transaction results for the year:

Based on all transactions, the investor will indicate a taxable income of 21,000 in the Individual Income Tax (IIT) Return and adjust it downwards by the same amount, since AIRA is a preferential share. As a result, the investor will not pay IIT.

If the investor had realized a loss on AIRA transactions for the year, such a loss would be treated as zero. Moreover, this loss cannot be carried forward to subsequent years to reduce income in future tax periods.

It is important to understand: the benefit in the form of income adjustment does not exempt the taxpayer from the obligation to file a return. The taxpayer is still required to indicate the income in the IIT Return and then reduce it via special lines in that Return. Failing to file a return on the assumption that the tax will be zero anyway constitutes a violation of Kazakhstan tax legislation.

2. Securities whose issuer is registered outside the Republic of Kazakhstan but which were traded on Kazakhstan exchanges AIX or KASE.

An investor (individual) actively traded Tesla shares on KASE (ticker TSLA.KZ). Since TSLA is included in the official list of the Kazakhstan exchange KASE, this share is share is classified as preferential security.

Transaction results for the year:

Based on all transactions, the investor will indicate a taxable income of 16,000 in the IIT Return and adjust it downwards by the same amount, since TSLA is a preferential share. As a result, the investor will not pay IIT.

If the investor had realized a loss on TSLA transactions for the year, such a loss would be treated as zero. This loss cannot be carried forward to reduce income in future tax periods.

It is important to understand: the benefit in the form of income adjustment does not exempt the taxpayer from the obligation to file a return. The taxpayer is still required to indicate the income in the IIT Return and then reduce it via special lines in that Return. Failing to file a return on the assumption that the tax will be zero anyway constitutes a violation of Kazakhstan tax legislation.

3. Securities whose issuer is registered in the Republic of Kazakhstan and which were traded on foreign exchanges.:

The investor (an individual) actively traded AltynGold shares (ticker: ALTN.EU) on the LSE. This is a security that is not eligible for the tax benefit, as it is traded on a foreign exchange and does not meet the eligibility criteria for the benefit.

Results of transactions conducted during the year:

Based on all transactions, the investor will indicate a taxable income of 7,000 in the IIT Return and pay IIT thereon.

If the investor had realized a loss on ALTN.EU transactions for the year, such a loss would be treated as zero and cannot be carried forward to reduce future taxable income.

4. Securities whose issuer is registered outside the Republic of Kazakhstan and which were traded on foreign exchanges.

An investor (individual) actively traded Norwegian Cruise Line shares on NYSE (ticker NCLH.US).

NCLH.US is a non‑preferential security because it is traded on a foreign exchange, and does not meet the preferential criteria.

Transaction results for the year:

Based on all transactions, the investor will indicate a taxable income of 18,000 in the IIT Return and pay IIT thereon.

If the investor had realized a loss on NCLH.US transactions for the year, such a loss would be treated as zero and cannot be carried forward to reduce future taxable income.

5) Securities that, at the time of sale, were included in the official AIX list and were traded on foreign exchanges.

The investor (an individual) actively traded Freedom Holding shares (ticker: FRHC.US) on the NYSE.

FRHC.US is a security eligible for the tax benefit, as it is included in the official AIX list and therefore meets the eligibility criteria for the benefit.

3. Purchase and Sale of Options

Realized financial result for closed transactions in derivative financial instruments (DFIs) for the reporting year.

Only realized profit from closed positions is taken into account, excluding the broker’s commission, as DFIs are not considered securities. Losses from DFI transactions are not offset against profits and cannot be carried forward to future tax periods. Thus, all profitable transactions are included in taxable income, while loss‑making transactions are disregarded and do not reduce taxable income.

Income or loss from the disposal of DFIs is determined using the FIFO method (First In – First Out, “first bought – first sold”), i.e., DFIs are written off in the sequence in which they were credited to the account. Tax legislation mandates FIFO as the sole required calculation method.

What is an “offshore”?

If the DFI issuer or transactions with it are registered in a jurisdiction with preferential tax treatment, the opening position price is not accounted. That is, when trading a DFI where the issuer or the transaction is registered in offshore, profit will equal the closing position price. The current list of jurisdictions with preferential tax treatment is provided in Order No. 492 of the Minister of Finance of the Republic of Kazakhstan dated September 12, 2025.

4. Dividends and Coupons

Income gained in the form of dividends on securities and coupons on bonds from foreign issuers during the reporting year.

What does the “Income Type” column mean?

Dividend – dividend payment

Dividend_reverted - reversal (of a previously paid dividend, i.e., its cancellation; recording of a transaction with the opposite sign

Coupon – coupon payment

Coupon_reverted - reversal (of a previously paid coupon, i.e., its cancellation; recording of a transaction with the opposite sign

What does the “Active Trading in the RK” column mean?

The “Active Trading in the RK” column indicates whether an exemption applies to income gained in the form of dividends, in accordance with the active trading criteria.

A security meets the active trading criteria if all of the following conditions are met simultaneously:

• Listed on AIX/KASE as of the dividend accrual date
• Trading volume of KZT 25+ million per month
• 50+ transactions per month.

Information on compliance with the criteria is available on the exchanges’ websites:

• KASE: https://kase.kz/ru/shares/​
• AIX: https://aix.kz/ru/equity-income-tax-rus/​

5. Securities Transactions

List of securities transactions that generated a financial result (profit or loss) during the reporting year.

6. Conversions, Splits

Income gained during the reporting year in the form of compensation for corporate events (split, spin‑off, conversion of securities).

Column “Type”

Split means the division of a company’s shares into a larger number, with a proportional reduction in the price of each share. Total market capitalization remains unchanged. For example, a 2:1 split — instead of 1 share at $100, there are 2 shares at $50 each.

Spin‑off means the spin‑off of a subsidiary or division into a separate independent legal entity. Shareholders of the parent company receive shares of the new company pro rata their stake.

Conversion means the exchange of one type of security for another. For example, convertible bonds or preferred shares are exchanged for ordinary shares at a predetermined ratio.

Column “Profit”

Cash compensations may arise during Split, Spin‑off and Conversion transactions. Such payments are treated as taxable income.

Split: Share splits do not always result in whole numbers. Fractional shares are not issued; instead, a cash compensation is paid.

Example: An investor holds 5 shares at $100 each. A 3:2 split is announced. The investor should receive 5 × 1.5 = 7.5 shares. Instead of the 0.5 fractional share, $50 is paid. This amount is treated as taxable income.

Spin-off: Fractional interests may arise when distributing shares of the new company. Additionally, the parent company sometimes pays compensation instead of fractional shares of the subsidiary.

Example: An investor holds 10 shares of the parent company. Distribution ratio: 1 share of the subsidiary for every 3 shares of the parent. The investor should receive 10 ÷ 3 = 3.33 shares of the subsidiary. For the 0.33 fractional share, a cash compensation is paid. The payment is treated as taxable income.

Conversion: Fractional shares may also arise when converting bonds or preferred shares into ordinary shares at a fixed ratio. Moreover, if the value of the convertible instrument exceeds the value of the resulting shares, a top‑up payment may be made. Such a top‑up is also recognized as taxable income.

Example: An investor holds 100 preferred shares purchased for $800 ($8 per share). Conversion ratio: 0.947 ordinary shares per preferred share. Total to be issued: 94.7 shares; 94 whole shares are issued, and $7.00 (0.7 × $10) is paid for the 0.7 fractional share. The entire cash portion is recognized as taxable income.

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7. Repo Transactions

Income earned from repo transactions with securities during the reporting year.

8. Tax Report 2025 Sheet

Calculation rules for line items:

Line 1 equals the sum of lines 2 and 9

Line 2 equals the sum of lines 3, 6, 7 and 8

Line 3 equals the sum of lines 4 and 5

Line 9 equals the sum of lines 10 and 13

Line 10 equals the sum of lines 11 and 12

Line 14 equals line 15

Line 15 equals the sum of lines 16, 17 and 18

Line 19 equals the sum of lines 1 and 14

Line 21 equals the sum of lines 22, 23 and 24

Line 25 equals the difference between lines 19 and 21

Income from disposal of property located in the Republic of Kazakhstan, including: Capital gains on preferential securities

Value derived from the “Income/Loss for KZT Declaration” column of the “Purchase and Sale of Securities” sheet, preferential status type 1.

Capital gains on non‑preferential securities

Value derived from the “Income/Loss for KZT Declaration” column of the “Purchase and Sale of Securities” sheet, preferential status type 3.

Income from disposal of property located outside the Republic of Kazakhstan

Capital gains on preferential securities

Value derived from the “Income/Loss for KZT Declaration” column of the “Purchase and Sale of Securities” sheet, preferential status type 2.

Capital gains on non‑preferential securities

Value derived from the “Income/Loss for KZT Declaration” column of the “Purchase and Sale of Securities” sheet, preferential status type 4.

Income from sources outside the Republic of Kazakhstan, including: Dividends and interest on securities, including:

• Value derived from the “Income in KZT Declaration” column of the “Dividends, Coupons” sheet.
• Value derived from the “Income in KZT Declaration” column of the “Conversions, Splits” sheet.
• Value derived from the “Income in KZT Declaration” column of the “Repo” sheet.

Adjustment in accordance with Article 341 of the Tax Code.

Total of the following types of income:

• Capital gains income from preferential securities of Kazakhstan issuers traded on KASE
• Capital gains income from preferential securities of foreign issuers traded on KASE
• Coupons on bonds traded on KASE
• Dividends on shares that traded on KASE and meet the active trading criteria

Adjustment in accordance with Paragraph 7 of Article 6 of the AIFC Law

Total of the following types of income:

• Capital gains income from preferential securities of Kazakhstan issuers traded on AIX
• Capital gains income from preferential securities of foreign issuers traded on AIX
• Coupons on bonds traded on AIX
• Dividends on shares that traded on AIX and meet the active trading criteria
  

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