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COVID-19 FINANICAL REPORTING IMPLICATIONS

As the impact of COVID-19 continues to unfold around the globe, the COVID-19 pandemic, and the conditions resulting from the measures taken to contain it have also created significant challenges to preparers and auditors of financial statements. This publication is intended to provide guidance on the key financial reporting considerations arising from COVID-19 and its associated events. The guidance therein relates to financial statements prepared in accordance with International Financial Reporting Standards (IFRS) for accounting periods ending after 31 December 2019.

EXEMPTION FROM PAYROLL TAXES AND ADDITIONAL TAX BENEFITS ARE PROVIDED TO CERTAIN TYPES OF ECONOMIC ACTIVITIES

The Resolution of the Government of Kazakhstan dated 20 April 2020 #224 «Concerning further measures on the implementation of the Decree of the President of the Republic of Kazakhstan dated 16 March 2020 #287 «Concerning further measures on stabilizing the economy» regarding tax matters» approved the list of economic activities exempt from payroll taxes and extended the 2019 annual tax reports filing deadline until 31 May 2020.

EXTENSION OF THE DEADLINE FOR SUBMITTING ANNUAL TAX REPORTS IN THE STATE OF EMERGENCY

In the course of implementation of the Decree of the President of the Republic of Kazakhstan dated 15 March 2020 No. 285 “Concerning the introduction of a state of emergency in the Republic of Kazakhstan” and in accordance with Articles 19, 212 of the Code of the Republic of Kazakhstan “Concerning taxes and other obligatory payments to the budget” (Tax Code), the deadline for submitting 2019 annual tax reports was extended until 30 April 2020, subject to electronic submission of those reports.
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