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Over KTZ100 bln of Debt Fines to Be Written Off in Kazakhstan

Thursday 18 October 2018

ASTANA — Over 100 bln tenges of fines and penalties will be written off to Kazakh businessmen, subject to repayment of the main debt, Finance Minister Alikhan Smailov said.

“At the beginning of October, about 90,000 small and medium-sized businesses have debts amounting to KZT294 bln, which has not been repaid. About 111 bln of fines and 5.8 bln of penalties will be written off on condition that the main debt of 178 bln tenges is repaid by the end of next year”,A. Smailov said at a press conference on Thursday.

At the same time, he noted that the write-offs will be made only on debt, which was formed on October 1 of this year — at the time of the message of the head of state. Tthe President of Kazakhstan, Nursultan Nazarbayev, on October 5, 2018, in his message Growth of Kazakhstan Welfare: Increasing Incomes and Quality of Life, ordered a tax amnesty for business next year.

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